DAYTONA BEACH, FL—Rockbridge has sold The Shores Resort & Spa, a 212-room, luxury beachfront hotel in Daytona Beach, FL. Originally built in 1974, The Shores underwent a $30 million renovation in 2005, and is the only AAA Four Diamond-rated hotel in Daytona.

Garrison Investment Group acquired the asset, which is located at 2637 South Atlantic Avenue on Daytona Beach Shores, a five-mile long barrier island between the Atlantic Ocean and the Intracoastal Waterway. HFF managing director Scott Hall, senior managing director Dan Peek, and associate directors Paul Hsu and Michael Weinberg, represented the seller.

“The market for Florida oceanfront resorts is as strong as it has been since 2006 or 2007,” says Peek. “Resort asset performance and market values are expanding beyond Southeast Florida and every corner of the state is in the growth mode.”

The hotel is close to the Daytona International Speedway, Interstates 4 and 95, and is less than a one-hour drive from Orlando. Amenities include 20,000 square feet of indoor meeting space, a heated outdoor saltwater swimming pool, fitness center, Shores Kid's Club, beachfront fire pits, the Azure Restaurant, Palapa Tiki Bar, and Indulge Spa.

“The Shores is a tremendous asset which has experienced strong performance growth coming out of the downturn,” says Hall. “The stewardship of Rockbridge and the resort's management team has positioned this luxury hotel for continued near-term and long-term success in response to macro and micro market fundamentals.”   

According to Smith Travel Research data, the resort segment led the hospitality industry location segments through October 2013. The segment posted 6.7% growth in revenue per occupied room compared to the same period in 2012.