Arriba Capital arranged financing for a $35,750,000 ground-up construction loan for an oceanfront Residence Inn by Marriott property in Ormond Beach, Fla. The property is being developed by Greenville, S.C.-based Contender Development.
“Residence Inn is considered one of the strongest flags in the hospitality ecosystem," Arriba Principal Ryan Bosch said in a statement. "When you combine that with an A+ beachfront location and a sponsorship with as deep of a bench as Contender Development has, it’s a win-win. Newer upscale extended-stay products are currently underserved in the Ormond Beach/Daytona Beach submarket. We fully expect this property to sit atop the comp set.”
Located at 251 South Atlantic Avenue, the property will have 137 extended-stay guestrooms. Building amenities include a lobby pool bar, meeting space, complimentary breakfast area, elevated outdoor pool with ocean views, business center, fitness center, guest self-laundry, and sundry shop. The opening of the hotel is expected in fourth quarter of 2025.