Vienna Capital does not have a website at this time. We helped Orange County (California) government with transitional housing." "We've done different projects such as housing in California. "We also do commercial real estate," Eid said. Its previous operators closed the hotel in early May, according to the hotel's Facebook page.Įid said he and Li previously were franchise operators of several Baymont Inn hotels, but do not own any other hotels besides the Stonehedge Hotel and The Plaza Resort at this time. The company in May paid $2.8 million to acquire a boutique hotel in Tyngsboro, Massachusetts, called the Stonehedge Hotel & Spa via an auction, according to reports by the Lowell Sun, the daily newspaper for that area.Įid said he and his partner are in the process of renovating the Stonehedge Hotel, but have not yet set a date for when the hotel will reopen. You've got beautiful shores, beautiful sands," In the future we'll definitely be investing in more properties. You'll see we have a lot of great ideas likely sooner than later. This property in particular has a lot of potential as does the Daytona Beach area. "We're here in Florida to do investments. "These are unprecedented times," he said, referring to the coronavirus pandemic. The whole thing is to bring it back to its heyday and to add value."Įid said he and his partner have not decided how much they plan to spend on capital improvements, nor have they set a timeline yet for when those improvements will be made. We're going to upgrade the amenities by adding more food and beverage outlets, possibly more restaurants and a lounge and possibly some entertainment. We plan to make improvements anywhere we can add value. That adds up to $7,945.68 for a year," he said.Įid said he and his partner decided to buy The Plaza Resort because they believe it has "a lot of potential. "The monthly condo fee for the unit we're selling is $662.14. Wysocarski said the new owners are getting a steady source of revenues just from the monthly condo fees. "The seller (from North Carolina) paid more than $200,000 for it in 2006 and is essentially bailing out." Ron Wysocarski, the broker/ower of Wyse Home Team Realty in Port Orange, said he has a 372-square-foot condo unit for sale in The Plaza Resort that has an asking price of $32,500. "I'm bound by a confidentiality agreement from telling you the amount, but it's all a matter of public record," he said. Jonathan Abraham Eid, the CEO of Vienna Capital, confirmed that he and his partner and company chairman Xiangjun Li, acquired the controlling stake in The Plaza Resort & Spa, but declined to say how much they paid in total. Pottinga said two more guest rooms are scheduled to be transferred to the new owners as well. The seller of the condo units is listed on the county's property records as an entity called "Redus Plaza Ocean Waters LLC." That works out to an average price of $25,000 per unit. The transactions by Plaza 689 LLC were listed for $2.45 million for a total of 98 individual condo units. The company made the purchase under different names including a $1.7 million transaction by "Plaza Resort Atlantic Ocean LLC," a $4.16 million transaction by "Nainai Capital LLC" and dozens of individual transactions by "Plaza 689 LLC," according to property records. Vienna Capital is led by CEO Xiangjun Li, according to California state records, Its address is listed as 10888 Wilshire Blvd., Los Angeles. The seller was New York-based Arbor Realty Trust, which acquired The Plaza Resort through foreclosure during the Great Recession. The hotel/condo complex employs more than 80 full- and part-time workers, said Jetse Pottinga, the hotel's interim general manager. HERC's marketing flier for The Plaza Resort stated that the buyer of the controlling stake would gain the right to manage the hotel and control both the property's master association and condo unit owners association. The sale included The Plaza Resort's iconic clock tower. The purchase didn't include the entire building, but rather a "controlling stake" that included ownership of the hotel lobby, 40,000 square feet of meeting space, a spa, the 14-story hotel's two restaurants, a deli and lobby bar, and 100 guest rooms, according to the marketing flier circulated earlier this year by HERC Investment Advisors. Related: Daytona’s Plaza Resort put up for sale in Daytona Beach, according to Volusia County property records. Los Angeles-based Vienna Capital paid at least $8.3 million to acquire the 323-room oceanfront hotel/condominium resort at 600 N. DAYTONA BEACH - A California company has purchased one of this city's most distinctive beachside landmarks: The Plaza Resort & Spa.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |