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MCR Development Acquires Courtyard By Marriott DeLand And Hampton Inn Daytona Shores Oceanfront For $31.6M

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SOLD
$31,600,000

Florida

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Hotel
Sold 05/31/2023
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SOLD

MCR Development Acquires Courtyard By Marriott DeLand And Hampton Inn Daytona Shores Oceanfront For $31.6M

3135 S Atlantic Ave, Daytona Beach Shores, FL 32118, United States

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Hotel
Sold 05/31/2023
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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Sale

MCR Development, the nation's third-largest hotel operator, has acquired two hotels in Volusia County, Florida. The properties include the Courtyard by Marriott in downtown DeLand and the Hampton Inn Daytona Shores Oceanfront in Daytona Beach Shores. This acquisition expands MCR's portfolio of premium-branded hotels and marks their entry into the Volusia County market.

Summary of transation details

  • Property Type: Hotel
  • Transaction Amount: $31,600,000
  • Keys: 215
  • Price Per Key: $146,977

The buyer, MCR Development, is a New York-based hotel operator. The seller is Avista Properties. The Hampton Inn Daytona Shores Oceanfront is located at 3135 South Atlantic Avenue, and the Courtyard by Marriott is located at 308 North Woodland Boulevard.

Players

Tyler Morse
Tyler Morse
6 deals$792.4M volume
BUYER

Details

SOLD
IMAGE: Tyler Morse DATE: 05/31/2023 ADDRESS: 3135 South Atlantic Avenue - Hampton Inn Daytona Shores Oceanfront & 308 North Woodland Boulevard - Courtyard by Marriott DeLand MARKET: Daytona Beach Shores & DeLand ASSET TYPE: Hotel BUYER: MCR Development - Tyler Morse SELLER: Avista Properties SALE PRICE: $31,600,000 KEYS: 215 ~ PPK: $146,977 NOTE: New York-based MCR Development, the nation's third-largest hotel operator, has acquired the Courtyard by Marriott in downtown DeLand and the Hampton Inn Daytona Shores Oceanfront in Volusia County. This marks MCR's entry into the Volusia County market and expands their portfolio of premium-branded hotels.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,685,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$112,268.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$149,800.12
Annual Debt Service$1,797,601.46