DAYTONA, FL—Boca Raton, FL-based private investment groupWaramaug LS Hotels has purchased theMarriott Daytona Beach Speedway/Airport hotelhere.

Waramaug did not reveal the purchase price for the 122-roomproperty that was fully upgraded by the former owners in June 2011for $1.2 million. The property sits on 4.34 acres and includes 75king rooms, 39 double queen rooms, three double queen suites, oneking suite and four king spas. It also features a total of 1,700square feet of meeting space throughout four meeting rooms. Thehotel also offers an outdoor swimming pool, whirlpool, fitnesscenter, business center and outdoor seating and grilling area.

“The Marriott brand carries a competitive advantage over otherhotels in the area due to its premier standing in the industry.This particular hotel has been driving occupancy and market ratesover its competitors, resulting in strong levels of RevPAR. If youcouple the hotel's robust performance with the fact that theDaytona region is experiencing a growth in tourism that exceedspre-recession visitation, one can easily see the value of thisproperty to our portfolio,” says Craig Nussbaum,vice president of Waramaug LS Hotels. “The property occupies acentral location next to the Daytona Beach International Airportwithin an area that has a population of nearly a half a millionpeople and attracts approximately eight million annualvisitors.”