Waramaug makes Daytona Beach acquisition

Private investment group Waramaug LS Hotels has purchased the 122-room Courtyard by Marriott Daytona Beach Speedway/Airport hotel. Originally built in 2003, the hotel was last renovated in 2011 for $1.2 million. The purchase price was not disclosed.

The hotel sits adjacent to the Daytona Beach International Airport and is also within walking distance of the world-renowned Daytona International Speedway. With close proximity to the main strip of beach, the property is among the most recently constructed hotels within its competitive set and is expected to continue to outpace its counterparts with regards to RevPAR.

“The Marriott brand carries a competitive advantage over other hotels in the area due to its premier standing in the industry. This particular hotel has been driving occupancy and market rates over its competitors, resulting in strong levels of RevPAR. If you couple the hotel’s robust performance with the fact that the Daytona region is experiencing a growth in tourism that exceeds pre-recession visitation, one can easily see the value of this property to our portfolio,” said Craig Nussbaum, VP of Waramaug LS Hotels. “The property occupies a central location next to the Daytona Beach International Airport within an area that has a population of nearly a half a million people and attracts approximately eight million annual visitors.”

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