Columbia Sussex Corp. Purchases Hilton Daytona Beach Oceanfront Resort From Barry Sternlicht For $112M

The Hilton Daytona Beach Oceanfront Resort is a 733-room hotel located at 100 North Atlantic Avenue in Daytona Beach. The property has a significant market presence and was sold for $112,000,000. It is noted for its 733 keys with a price per key of $152,797. The hotel, which has been operational for 37 years, demonstrates strong operating metrics and requires a $26.8 million renovation by 2027.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $112,000,000
• Buyer: Columbia Sussex Corp.
• Seller: Barry Sternlicht - Starwood Capital Group
• Lender: Wells Fargo
• Loan Amount: $83.25 million
• Keys: 733
• Price per Key: $152,797
• Required Renovation: $26.8 million by 2027

Columbia Sussex Corp. acquired the property, securing financing through an interest-only loan from Wells Fargo, which will be incorporated into a CMBS transaction. The seller, Barry Sternlicht, is affiliated with Starwood Capital Group, having previously owned the hotel through an affiliate.