Ormond’s Excellent Inn and Suites sold for more than $3 million

The Excellent Inn and Suites situated at 295 S. Atlantic Ave. was bought to new proprietors in early December 2020, and the franchise hotel may develop into a Comfort and ease Inn, in accordance to the sale’s business true estate agent.

295 South Atlantic LLC bought the 1969 beachfront resort property to BWI Investments LLC for $3,525,000, a 168% cost increase from when it offered in 2011 for $1,312,500. Both of those Top quality Inn and Suites and Consolation Inn are less than the Option Inns umbrella.

True estate agent John Haley, of Coldwell Banker Premier attributes, specializes in the hospitality business, and he said the hotel was an prospect to buy a enterprise that continues to deliver in a financial gain in what is a traditionally preferred browsing place.

“It’s a good property,” Haley explained. “It has a good economic history and the time was correct for this buyer since he and she are looking into the foreseeable future.”

Though the hospitality and tourism industries all-around the U.S. have been impacted by the COVID-19 pandemic, and beachfront resorts are no exception, neighborhood losses have not been as dramatic as many others, Haley said. Ormond Beach continued to see people from other communities guide stays in hotels to enjoy the seashore.

“We form of bucked the pattern as far as individuals continuing to come to the seashore to get absent from COVID and its implications,” Haley said.

The potential buyers are “accomplished hoteliers,” he explained, and with the home remaining situated throughout the previous Florida Hospital Oceanside website, this location is certain to see advancement in the coming years. The beachside has space to grow, and Haley said income like this are just one phase towards attaining the target to revitalize the location. 

“I believe you are going to see extra of that,” Haley explained. “Folks, purchasers, are starting off to appear into this spot.”