600 N ATLANTIC AVE Daytona Beach FL 32118

The Plaza Resort & Spa established its first presence in Daytona Beach since 1888. It is Daytona Beach's oldest continuously operating beachfront luxury hotel, dating back to 1911. More recently, it had been operating as a luxury condo-hotel before it was closed for repairs due to damages caused by Hurricane Ian. The current building was built in 1969 and is currently going through a major overhaul renovation. Since acquisition in 2020, the owner has put in tremendous amount of money and resources to gut the whole building. The ARV could go well above $100m after its full completion. The owner is currently considering taking in up to $25m in the form of either debt or partial equity to continue the project but may also reluctantly part with this trophy project on an “as-is” basis at the right price.

The hotel tower has 14 stories with interior corridors of 776,790 sqft. The building class is B with a parking ratio 0.26/1,000 sqft. The lot size is 5.29 acres. The APN is 5304-09-06-0010 and the zoning is BR-1, Business Retail, that covers most business uses. There are 323 large guestrooms of which 22 are suites with additional amenities and private balconies, providing stunning views of both Daytona Beach and the Atlantic Ocean. Two of these are honeymoon suites. There are also outdoor swimming pool, gym, spa, poolside bar, restaurants and coffee shops, covered garages, and plenty of convention and meeting space. Among the various renovation plans, the 3-acre plus banquet hall area may be totally separated from the main hotel building to build another stand-alone new condo tower.

For an immediate outright sale, the owner is willing to provide seller financing to qualified potential buyers with a low cash down payment, in an "as is" condition to take over the current renovation project immediately. The owner is quite motivated for a quick close at a reasonably lower price now and they will even consider providing an interest free period to assist the new owner to finish the current renovation.

Currently under renovation construction.