Bray & Gillespie VII LLC of Daytona Beach, FL paid Chicago-based Jupiter Realty Corp. $5 million or $39,063 per room for the property just north of Daytona Beach, FL.
The per-room price compares with new hotel construction of $80,000 to $100,000 per room for comparable properties, area construction industry estimators tell GlobeSt.com on condition of anonymity.
Jupiter purchased the hotel in the early 1990s for an undisclosed sum, according to the company's prepared statement. The property has a pool, cabana bar and 800 lineal feet of beach frontage.
Michael G. Regas of Regas Realty and Jack Cummings of Cummings Realty, both of Fort Lauderdale, FL negotiated for Jupiter. Bray & Gillespie represented itself.
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