Rhode Island firm buys Best Western hotel in Ormond. Here's the latest.

Clayton Park, Daytona Beach News-Journal
Updated ·3 min read
This is the oceanfront Best Western Castillo Del Sol hotel at 205 S. Atlantic Ave. in Ormond Beach. The seven-story 147-room hotel was sold on Aug. 29, 2023 by Ormond Beach-based Elite Hospitality to a Rhode Island-based company called Magna Hospitality Group which owns hotels throughout the United States and Canada.
This is the oceanfront Best Western Castillo Del Sol hotel at 205 S. Atlantic Ave. in Ormond Beach. The seven-story 147-room hotel was sold on Aug. 29, 2023 by Ormond Beach-based Elite Hospitality to a Rhode Island-based company called Magna Hospitality Group which owns hotels throughout the United States and Canada.

A Warwick, Rhode Island company that owns hotels across the country has added its first Daytona Beach area property to its growing portfolio: the Best Western Castillo Del Sol in Ormond Beach.

Here's what we know about the sale as well as the new owners:

The hotel opened in the '70s

The seven-story 147-room Best Western Castillo Del Sol, at 205 S. Atlantic Ave., was built in 1973, according to Volusia County property records. Past names for the hotel included Ivanhoe Beach Lodge and Ivanhoe Beach Resort.

Its previous owners were locals

According to Volusia County Property Appraiser's website, the oceanfront hotel was sold on Aug. 29 for $12.3 million to Magna, doing business as "SouthAtlantic VIII LLC."

A news release issued Thursday by commercial real estate brokerage Marcus & Millichap stated that the sale, which it brokered, was for $16.5 million. The additional $4.2 million was for "hotel intangibles," said Victoria Krog, a Marcus & Millichap spokeswoman. The intangibles included furniture, customer lists, reservation cards and electronic records.

The seller, doing business as "Embassy Investments XV LLC," was Ormond Beach-based Elite Hospitality, which includes company president Manoj Bhoola and his family.

The Bhoolas acquired the hotel in 2007 for $10.9 million, according to property records. The family adjusted the stakes members held in deed transactions in 2016 and 2018.

Elite continues to own three hotels in Daytona Beach: the Best Western Plus International Speedway, Hampton Inn by Hilton Daytona Speedway Airport, and the Hilton Garden Inn at Daytona Beach International Airport.

Neither Manoj Bhoola or officials with Magna responded to requests for comment.

So, who are the new owners?

According to its website, Magna is a privately held hotel real estate investment firm founded in 1998. Its focus is on "value-add hotel investment opportunities." Its aim is to provide "superior guest service" and "growth opportunities" for employees as well as profits that "exceed investors' expectations."

Magna currently owns 45 hotels in the United States and Canada. Properties listed on its website include the Hotel Talent in New York City, Embassy Suites by Hilton in downtown Chicago, Westin Great Southern Columbus in Columbus, Ohio, and Wingate by Wyndham Denver Airport in Denver, Colorado.

Magna's website does not include a full listing of its hotels.

What else does it own in Florida?

Magna paid $39 million to acquire an unfinished luxury hotel project in Fort Lauderdale in 2018, according to news reports by The Real Deal and South Florida Business Journal.

In September 2020, a news story posted on LevelSet.com reported "several construction liens" totaling $4.7 million filed against Magna for the project now called the "Hotel Maren Fort Lauderdale Beach, Curio Collection by Hilton."

The Hotel Maren finally opened in January 2021.

High praise for Elite Hospitality

Bob Davis, president of the Lodging & Hospitality Association of Volusia County, said he was unaware of the Best Western Castillo Del Sol's sale, but added "It's a great hotel that's been run by a great company. Everything they (Elite Hospitality) run is good."

This article originally appeared on The Daytona Beach News-Journal: Rhode Island firm buys Best Western hotel in Ormond.