MIAMI, FL (June 13, 2022)- Key International, a leading international real estate development and investment firm, has acquired the Best Western New Smyrna Beach Hotel and Suites for $18.7 million. LBA Hospitality, an Alabama–based hotel management company has secured the contract to lead operations for the hotel.
Poised directly on the beach at 1401 S Atlantic Ave., the oceanfront property is strategically located near other top tourist destinations including Orlando and Cape Canaveral. Rising eight stories, the hotel features 101 suites and boasts updated amenities including a pool with an outdoor sundeck, a restaurant and a fitness center. The guestrooms feature kitchenettes as well as balconies with unobstructed views of the Atlantic Ocean.
“We’re seeing sustained demand for beachfront hospitality offerings as Florida continues to benefit from the soaring demand,” says Michael Vassilaros, chief investment officer of Key International. “We’re looking forward to growing our presence in New Smyrna following the success of our first hospitality development there, The Hampton Inn New Smyrna Beach.”
Known as a haven for clean and spacious beaches with a family-friendly atmosphere, Florida’s New Smyrna Beach is a growing touristic destination, attracting tourists for its culinary offerings, outdoor exploration and relaxation. Visitors can enjoy unique shops and restaurants, art galleries and cultural offerings. New Smyrna beach is also known as a surf hub for beaches such as Canaveral National Seashore, only a few miles from the property.
“New Smyrna Beach has a relaxed beach town charm that Key International works so well with, “says Shawn Gracey, executive vice president of hospitality. “We’re very excited to be adding this exceptional hotel to our portfolio and to continue being a part of this one-of-a-kind community.”
Key International has a proven track record in the development and investment of beachfront hospitality properties, with a strong presence in top-rated coastal towns worldwide. In Florida, the firm boasts an extensive hospitality portfolio with a strong footprint in top-performing markets of Jacksonville Beach, St. Augustine Beach and Miami, among others.
“I fell in love with New Smyrna Beach when we opened our first hotel here in 2012. It has that great small beach town charm, great food, a nationally recognized arts scene, and the amazing white sand beach and blue water of the Atlantic Ocean,” said Beau Benton, president of LBA Hospitality. “I am excited that we have added a one-of-a-kind accommodation that literally offers a toes-in-the-sand experience for visitors from around the world.”