Sale of Four Points Destin / Fort Walton Beach, Florida
|Phoenix, AZ—(May 19, 2004) Jay G. Snyder and Randall P.
Newby of Snyder Nationwide Real Estate of Phoenix, AZ, and Daytona Beach,
FL, represented the Seller in the sale of this 216-room, full service,
oceanfront, resort hotel. The buyer was Innkeepers USA Trust in association
with Dimension Development Company of Natchitoches, LA.
Snyder Nationwide Real Estate, an international hotel brokerage firm, negotiated the all-cash $30,000,000 transaction, which was one of the highest-priced, per-key transactions for a Four Points Hotel. The buyer will spend approximately $10 million to renovate and enlarge the hotel.
Located in the northwest panhandle of Florida with beautiful views of the beach and Gulf of Mexico, the hotel sits on nine acres directly across the street from the recently-opened Emerald Coast Conference Center.
Jay G. Snyder, President of Snyder Nationwide, was pleased to bring
this transaction to a successful close for the longstanding owner stating,
“We knew the area was strong, but as we performed our due diligence in
preparation of marketing the property, the upside potential became even
Four Points by Sheraton Ft. Walton Beach
1325 Miracle Strip Parkway
Ft. Walton Beach, FL 32548
Jay G. Snyder