Marcus & Millichap : Arranges the Sale of an Oceanfront Hotel in Daytona Beach for $12,750,000
January 19, 2023 at 09:21 pm
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Marcus & Millichap Arranges the Sale of an Oceanfront Hotel in Daytona Beach for $12,750,000
January 19, 2023
DAYTONA BEACH, Fla., Jan. 19, 2023 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Boardwalk Inn and Suites, a 101-room oceanfront hotel in Daytona Beach, Florida sold for $12,750,000.
"The property sits in arguably the best lot on the beach off A1A and International Speedway Blvd. We created a competitive environment that generated over 10 offers, The deal presented many difficulties including Hurricane Ian & Nicole, that created significant damage to the Hotel. Catherine Obrien First Vice President of Investments for Marcus and Millichap along with Kabani and Lucas Mondino of Marcus & Millichap's Miami office had the exclusive listing to market the property on behalf of the seller. Marcus & Millichap also brokered the sale of the hotel to the buyer, HLOM, LLC.
Boardwalk Inn and Suites is located at 301 South Atlantic Avenue, a prime beachfront position. The property is within minutes of Daytona Lagoon Water Park, Jackie Robinson Ballpark, Daytona Beach International Airport and the Daytona International Speedway.
The four and five story hotel, totaling 39,204-square-feet, was built on a 0.90-acre site in 1988. Hotel amenities include a fitness facility, outdoor pool, hot tub, direct beach access and sweeping oceanfront views.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 19 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2023 21:20:10 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
