Charles Wayne Properties, Inc. Sells Daytona Beach Super 8 Oceanfront Hotel

The property is situated in the heart of Daytona Beach’s beachfront area.  The property is a 76 room hotel, situated on 1.37 acres with approximately 310’ along the Atlantic Ocean.  The transaction was handled by Ted Lightman of Charles Wayne Properties, Inc.

Demand for bank-owned beachfront real estate remains high in an otherwise difficult commercial real estate market.

“This transaction is yet another example of what is starting to become the new standard in real estate acquisitions,” Lightman said.  “CTN Group Investments is typical of the new norm: an all-equity buyer with enough cash raised to close deals without debt.  Due to the continuing reluctance on the part of banks to provide commercial real estate financing, this is basically the only way buyers and sellers can get things accomplished.  This lack of available debt is also a primary reason pricing is remaining so attractive- buyers simply can’t pay as much for properties without leverage.”

In real estate asset classes that are looked upon less favorably by lenders (such as hotels), this type of all-cash buyer has emerged with a fierce appetite for commercial investment properties, and they understand it’s still a buyer’s market.  These investors are significantly contributing to the recent increased commercial real estate sales volume in the Daytona Beach oceanfront area and throughout Florida.

“We are finally seeing some signs of stabilization and even increases in pricing as these equity buyers cherry-pick the best properties from banks’ OREO portfolios,” stated Lightman.

Charles Wayne Properties, Inc. is a diversified commercial real estate firm specializing in the ownership, operation, development and brokerage of assets throughout the Southeastern United States.

October 11, 2011