Marcus & Millichap: Brokers of the $7.4 million sale of La Bella Oceanfront Inn

DAYTONA BEACH, Fla., June 14, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today today the sale of La Bella Oceanfront Inn in Daytona Beach, Florida. The 40-room boutique hotel sold for $7.4 million.

“Through a fast and aggressive marketing process, we were able to sell this hotel within 64 days of the listing date,” said Gabriel Shamay, Vice President of Investments. “Although our process was very quick, we didn’t leave any money on the table as the hotel sold for an impressive room revenue multiplier of 13x and a record $185,000 per key. We hope this transaction will help redefine market value in the Daytona Beach hotel market.”

Shamay, Christopher Passeggiata and Ely Silverstein, investment specialists from Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Gajanan, Inc., a local private investor.

“Our team currently has four beachfront hotels in Daytona Beach, Florida that are scheduled to close in the summer of 2022,” Passeggiata added. “Hotel owners are reaching out to us to take full advantage of the market and strong demand from the buyer pool for Florida hotel assets.”

The buyer, an investor from Georgia, was also bought by Shamay, Passeggiata and Silverstein.

La Bella Oceanfront Inn, located at 1400 North Atlantic Avenue, is 15 minutes from Daytona International Speedway, Daytona Lagoon, Ocean Center Convention Center and other local attractions.

Built in 1953, the two-story, two-building property sits on 0.91 acres of land with 135 linear feet of direct ocean frontage in Daytona Beach, Florida.

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 sales and investment finance professionals across 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap completed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visit www.MarcusMillichap.com.