April 20, 2021

ilpuntontc

Just Do Travel

Ormond’s Quality Inn and Suites sold for over $3 million

2 min read

The Quality Inn and Suites located at 295 S. Atlantic Ave. was sold to new owners in early December 2020, and the franchise hotel may become a Comfort Inn, according to the sale’s commercial real estate agent.

295 South Atlantic LLC sold the 1969 beachfront hotel property to BWI Investments LLC for $3,525,000, a 168% price increase from when it sold in 2011 for $1,312,500. Both Quality Inn and Suites and Comfort Inn are under the Choice Hotels umbrella.

Real estate agent John Haley, of Coldwell Banker Premier properties, specializes in the hospitality industry, and he said the hotel was an opportunity to buy a business that continues to bring in a profit in what is a historically popular surfing spot.

“It’s a great property,” Haley said. “It has a great financial history and the time was right for this buyer because he and she are looking into the future.”

While the hospitality and tourism industries around the U.S. have been impacted by the COVID-19 pandemic, and beachfront hotels are no exception, local losses have not been as dramatic as others, Haley said. Ormond Beach continued to see people from other communities book stays in hotels to enjoy the beach.

“We kind of bucked the trend as far as people continuing to come to the beach to get away from COVID and its implications,” Haley said.

The buyers are “accomplished hoteliers,” he said, and with the property being located across the former Florida Hospital Oceanside site, this area is bound to see growth in the coming years. The beachside has room to grow, and Haley said sales like this are one step toward achieving the goal to revitalize the area. 

“I think you’ll see more of that,” Haley said. “People, buyers, are starting to come into this area.”