News for the Hospitality Executive
Horwath HTL Arranges Sale of Cocoa Beach Oceanside Inn
Cocoa Beach, Florida
|Miami, Florida - December 10, 2007 - Horwath HTL is pleased
to announce the sale of Cocoa Beach Oceanside Inn to an affiliate
of Pacifica Companies for an undisclosed price. Oceanside Inn is
located on a wonderful oceanfront parcel in the heart of Cocoa Beach, on
Florida's east coast. All of Oceanside Inn's 76 spacious rooms open
out to balconies with grand ocean views. San Diego based Pacifica
Companies is considering several promising repositioning plans for the
beach side hotel. Horwath Hospitality & Leisure LLC was the seller's
exclusive advisor, with Rich Lillis, of the Miami Office, and Kent Schwarz,
of the New York Office, overseeing the hotel's marketing and disposition.
Cocoa Beach Oceanside Inn was developed in stages in 1984 and 1991, and designed to be the most attractive beach front hotel in the Cocoa Beach market. Over the years, the hotel welcomed many British tour guests booked through an affiliated company. Additionally, the hotel's beachfront ambience and superb location-neighboring Orlando and all of its attractions, the Kennedy Space Center, and Port Canaveral-made it a favorite for many American business and leisure guests alike.
Rich Lillis noted, "The Cocoa Beach market enjoys diversified hotel demand and high barriers to entry. Long a favorite among surfers and tourists, Cocoa Beach continues to raise and broaden its appeal. NASA's development of the space shuttle's successor is expected to be a boon to the area for years to come."
Pacifica Companies' Naresh Kotwani, Vice President responsible for east coast assets, commented, "We considered Oceanside Inn among numerous acquisition targets. We kept coming back to Cocoa Beach due to the asset's location, charm and tremendous upside. Our repositioning plan is a work in progress; suffice to say we will invest in a strategy to dramatically improve market penetration. We aim to become the rate leader."
Horwath HTL's Miami Office specializes in hotel and resort investment sales and financing throughout Florida and the Caribbean. In addition to exclusive advisor on the sale of a world-class luxury resort in St. Lucia, representative assignments include the recent sale of the Coral by Hilton portfolio of oceanfront all-inclusive resorts, and exclusive advisor on the sale of Hilton Santo Domingo in the Dominican Republic-the country's leading commercial hotel.
About Pacifica Companies - Founded in 1978 by Mr. Ashok (Ash) Israni, Pacifica Companies is headquartered in San Diego, California and is comprised of over 100 different entities. Most of Pacifica's assets are owned individually by single-purpose companies. Pacifica is especially active in the apartment and condo markets. Pacifica hotels are affiliated with many well-known franchise names such as Marriott, Holiday Inn, Radisson, and DoubleTree. Pacifica Host has consistently been rated among the largest hotel companies in the country. Overall, Pacifica Companies currently has approximately $2 billion in assets and employs over 2,300 people.