Daytona Beach’s iconic Plaza Resort & Spa has new owners. Vienna Capital, a California-based company, recently acquired a controlling stake in the oceanfront property for an undisclosed amount, although public records indicate at least $8.3 million changed hands. This landmark purchase signals a potential revitalization for the historic resort and surrounding area.
New Ownership Promises Revitalization for Plaza Resort and Spa Daytona
The acquisition includes the hotel lobby, 40,000 square feet of meeting space, a spa, two restaurants, a deli, a lobby bar, the iconic clock tower, and 100 guest rooms. While not encompassing the entire building, the purchase grants Vienna Capital management rights, control of the property’s master association, and the condo unit owners association.
Jonathan Abraham Eid, CEO of Vienna Capital, confirmed the purchase with partner and chairman Xiangjun Li. While bound by a confidentiality agreement regarding the final price, Eid emphasized the property’s potential. “We plan to make improvements anywhere we can add value,” he stated, mentioning upgrades to amenities, additional food and beverage options, and potential entertainment venues. The goal is to restore The Plaza Resort And Spa Daytona to its former glory.
Plaza Resort and Spa Daytona: A History of Grandeur
The Plaza Resort and Spa Daytona boasts a rich history, dating back to 1895 with the construction of the Hotel Clarendon. Rebuilt in 1911 after a fire, the resort has witnessed Daytona Beach’s evolution into a renowned destination. Its beachfront location, where Sir Malcolm Campbell set a world land speed record in 1928, adds to its legendary status.
The recent acquisition marks a new chapter for the resort. Previous owner, Arbor Realty Trust, acquired the property through foreclosure during the Great Recession. Now, with Vienna Capital at the helm, The Plaza Resort and Spa Daytona is poised for a renaissance.
Investment Strategy Hints at Broader Daytona Beach Development
Vienna Capital’s investment extends beyond cosmetic enhancements. Eid expressed interest in revitalizing the surrounding Seabreeze Boulevard area, envisioning it as a vibrant entertainment hub. This ambition aligns with local aspirations for rejuvenation and economic growth. Bob Davis, CEO of the Lodging & Hospitality Association of Volusia County, confirmed meeting with Eid and expressed optimism about the proposed plans, contingent on their execution.
This acquisition follows Vienna Capital’s $2.8 million purchase of the Stonehedge Hotel & Spa in Tyngsboro, Massachusetts. While currently under renovation, the Stonehedge project showcases Vienna Capital’s experience in hotel acquisition and revitalization.
Looking Ahead: The Future of Plaza Resort and Spa Daytona
While specific renovation plans and timelines remain undisclosed, Vienna Capital’s commitment to enhancing the guest experience and contributing to the local community is evident. Retaining Boykin Management Co., the existing hotel management company, ensures continuity and stability for employees and condo owners alike.
Despite the challenges posed by the coronavirus pandemic, interim general manager Jetse Pottinga remains optimistic. He lauded the new owners’ vision and expressed hope for a brighter future for The Plaza Resort and Spa Daytona. With its prime location, historical significance, and new ownership committed to investment, the resort is well-positioned to reclaim its position as a premier destination in Daytona Beach.