Arriba Capital has arranged financing for a $35.75-million ground-up construction loan for an oceanfront Residence Inn by Marriott property in Ormond Beach, FL. The property is being developed by Greenville, SC-based Contender Development.
“Residence Inn is considered one of the strongest flags in the hospitality ecosystem,” said Ryan Bosch, principal, Arriba. “When you combine that with an A+ beachfront location and a sponsorship with as deep of a bench as Contender Development has, it’s a win-win. Newer upscale extended-stay products are currently underserved in the Ormond Beach/Daytona Beach submarket. We fully expect this property to sit atop the comp set.”
The property will feature 137 extended-stay guestrooms, as well as a lobby pool bar, meeting space, a complimentary breakfast area, an elevated outdoor pool with ocean views, a business center, a fitness center, guest self-laundry and a sundry shop. The hotel is expected to open in the fourth quarter of 2025.
Adam Plous, COO, Contender Development, added, “Working on our second deal with Arriba Capital proved again to be a great decision. Ryan Bosch is an expert in the construction capital markets for hospitality and that proved true with the capital structure we were able to achieve for this project.”
