DAYTONA BEACH SHORES, FL-Los Angeles-based Lowe Enterprises Investors has acquired the 212-room Shores Resort & Spa at 2637 South Atlantic Ave. for $39.8 million. Lowe Enterprises Investors is the investment management affiliate of Lowe Enterprises.

The property was acquired from Noble House Hotels & Resorts Inc. on behalf of Lowe Hospitality Investment Partners, a $266-million fund that invests in hotel and resort properties. Another Lowe affiliate company, Destination Hotels & Resorts, will manage the property. The seller was represented by Jay Snyder, of Snyder Nationwide Real Estate, Inc.

The 11-story hotel reopened in late 2005 after undergoing a comprehensive $30-million renovation and repositioning. Among features of the property are 16,300 sf of indoor meeting space, a 6,300-sf ballroom and top-floor meeting spaces.

The beachfront property is located near the Daytona International Speedway and is also with driving distance to Orlando attractions, such as Disneyworld and Universal Studios. “The Shores Resort & Spa is an ideal choice for business meetings and leisure travelers alike,” says Destination Hotels & Resorts president and CEO Charlie Peck.

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