Arriba Capital has successfully secured financing for a $35.75-million ground-up construction loan for an oceanfront Residence Inn by Marriott property in Ormond Beach, Florida. The development is being led by Contender Development.
According to Ryan Bosch of Arriba Capital, the Ormond Beach/Daytona Beach submarket is currently lacking in newer upscale extended-stay options. This new property aims to fill that gap and become a top competitor among its peers.
The hotel will boast 137 extended-stay guestrooms and impressive amenities such as a lobby pool bar, meeting space, complimentary breakfast area, elevated outdoor pool with ocean views, business center, fitness center,guest self-laundry,and sundry shop.The anticipated opening date for the hotel is the fourth quarter of 2025.
With a population of approximately 45,o00 residents,the city of Ormand Beach sits just northof DaytonaBeach.It shares similar roots as “the birthplaceof speed”as early car enthusiasts were drawn to its hard-packed beachesfor year-round entertainment.
