Chateau Mar in Ormond Beach sold for $3.1 million

Ormond Beach Observer
Business

With COVID-19 continuing to impact the tourism industry, another beachfront resort in Ormond Beach has been sold to new ownership.

Volusia County Property Appraiser records show that Chateau Mar Beach Resort, located at 507 S. Atlantic Ave. was sold by Beachfront Hojo LLC to 507 Ormond Beach LLC — a company with a mailing address out of Smyrna, Georgia — for $3.1 million in December 2020. The sale of the 51-room contemporary boutique hotel was facilitated by the Atlanta arm of Collier International's National Hospitality Team, according to a press release.

This sale was one of three completed by the Atlanta Team. The other two include a Holiday Inn Express in Kennesaw, Georgia, and a Home 2 Suites by Hilton in Smyrna, Tennessee.

“COVID-19 restrictions on travel and large gatherings such as conferences and events have taken a tremendous toll on the industry. We are glad to have finished a very difficult year closing these three hotels in late 2020,” said Helen Zaver, senior vice president with Colliers International’s National Hospitality Group. “These deals underscore hospitality’s resiliency and likely transactions to come in 2021.”

The Chateau Mar hotel was built in 1968 and was recently renovated. It reopened in May 2020.

“In 2020, hospitality transaction volume had slowed tremendously, however, we anticipate more activity as lending begins to open again and equity gets placed back in the markets," Zanver said. "Hotel numbers should see a spike in the second half of this year, but we also expect distressed hotel sales to increase as well.”