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1605 Richard Petty BlvdDaytona Beach, FL 32114
Courtyard Daytona Beach Speedway/Airport
Asset ClassHotel & Hospitality
overview of deal

Overview

HREC is pleased to offer the unique opportunity to acquire the leasehold estate (with Volusia County being the fee owner) in the 122-room Courtyard Daytona Beach Speedway/Airport located at 1605 Richard Petty Blvd, Daytona Beach, Florida.

 

The Hotel benefits from its proximity to major demand generators in Daytona Beach, including the iconic Daytona International Speedway, just one mile away. Known as the “birthplace of speed,” the Speedway hosts world-renowned events such as the Daytona 500 and the 24 Hours of Daytona, attracting thousands of visitors annually. Additionally, Embry-Riddle Aeronautical University, located nearby, is a significant source of business for the hotel, drawing a steady stream of visitors for academic events, conferences, and student activities. Daytona Beach International Airport, located a mile from the Property, is also a vital transportation hub for the region, linking travelers to nearby attractions like Orlando’s theme

parks and the historic city of St. Augustine.

 

The Courtyard Daytona Beach Speedway/Airport offers investors a rare opportunity to acquire a well-positioned asset in a high-demand market, supported by a diverse mix of corporate, leisure, and educational demand drivers. The Property is ideally situated to capitalize on the area’s continued growth and economic development, making it a compelling investment opportunity for those seeking to expand their portfolio in one of Central Florida’s most dynamic regions.

 

The current term of the leasehold agreement with the County of Volusia runs through April 21, 2029, however, the Lessee beneficial interest in the lease can be extended two additional terms at the sole option of the Lessee. The “First Renewal Term” is for an additional 15 years (to April 2044) and the “Second-Renewal Term” is for 10 years (to April 2054).

 

The HREC Capital Markets group can assist with excellent debt financing options for the acquisition of the leasehold interest.

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Investment Highlights

  • Closest hotel to Embry-Riddle Aeronautical University, adjacent to Daytona Beach International Airport, and within walking distance of Daytona International Speedway. It is also just a short drive to the ‘World Famous Daytona Beach.’
  • Priced to yield high cash-on-cash returns.
  • Proven cash fl owing asset with $1 million in TTM NOI.
  • Projected NOI through end of fully extended lease term – to 2054 -- could be more than $60 million.
  • Marriott managed under a 2001 ‘manchise’ agreement, with an initial 25-year term ending in 2028, and options to extend through 2048.
  • Possible value-add opportunity through the negotiation of additional term on the ground lease beyond 2054.
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1605 Richard Petty BlvdDaytona Beach, FL 32114

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Listing provided by Revere CRE