HREC Investment Advisors arranged the sale of the 67-room Hampton Inn St. Augustine I-95 located in St. Augustine, Fla., and the 94-guestroom Hampton Inn & Suites Palm Coast located in Palm Coast, Fla. The properties were acquired by a private investor.
Jaimin Patel, SVP in HREC Investment Advisors’ Tampa office, exclusively represented Caiman Management during the transaction. Caiman Management is headquartered in Saint Augustine, Fla.
“The Hampton Inn St. Augustine and the Hampton Inn & Suites Palm Coast are located in dynamic tourist markets along Florida’s Atlantic coast. Both are strategically located off I-95, connecting them to numerous feeder markets across the east coast. The buyer plans on investing $5 million into improvements on both properties in order to retain their market lead for years to come,” Patel said in a statement.
St. Augustine is located 15 miles south of Jacksonville, is known as the “oldest city in America” and is filled with a list of historical sites and visitor attractions. The property benefits from a location that allows for high levels of visibility for passer-by vehicles as well as easy access to the area’s primary demand generators. The hotel is minutes from the Old Town Historic District, beaches and numerous local attractions such as the St. Augustine Premium Outlets and the Adventure Landing family entertainment center. St. Augustine is also home to the World Golf Village, a golf vacation destination including the World Golf Hall of Fame, an IMAX theater, several championship golf courses, accommodations and convention facilities.
Palm Coast is situated approximately 20 miles north of Daytona Beach, is nicknamed the “world’s most famous beach” and is the motorsports capital of the world thanks to the nearby Daytona International Speedway. The hotel is located in a commercial development named Flagler Plaza, adjacent to a retail center anchored by a Winn-Dixie. Several restaurants and retail shops are also in the immediate area. The hotel is minutes from Flagler Beach as well as several other attractions including the Graham Swamp Reserve, multiple championship golf courses and popular hiking and biking nature tails.