Daytona getting first new beachfront hotel in 20 years

Miami /
Jul.July 29, 2017 09:00 AM

A family from Russia is building the first beachfront hotel in Daytona Beach in the last 20 years together with a condo-hotel in a $275 million project.

The Lysich family has undertaken the most expensive private development in Daytona Beach history between the Atlantic Ocean and the Halifax River, which is part of the Intracoastal Waterway separating beaches from the mainland.

The family from St. Petersburg, Russia, is spending $90 million to build a 29-story hotel and another $185 million to put up a 31-story condo-hotel building.

Their $275 million development, called Daytona Beach Convention Hotel & Condominiums, will consist of a 31-story condo-hotel with 120 condos and 42 hotel rooms, plus a 27-story hotel with 459 guest rooms.

Construction of the complex is under way and expected to be completed in phases by 2020.

Through a company called Photogroup, the Lysiches bought the 4.5-acre oceanfront development site just south of Seabreeze Boulevard for $6.3 million in a 2012 foreclosure sale.

Alexey Lysich, who is listed as a vice president of Photogroup, owns several hotels in St. Petersburg, Russia, together with his father and his brother, including a Holiday Inn and a Staybridge Suites that they opened from 2006 to 2010. [Daytona Beach News Journal] Mike Seemuth


Related Articles

arrow_forward_ios
23 Tahiti Beach Island Road and 4965 Southwest 82nd Street

Cuban coffee mogul trades waterfront Tahiti Beach mansion for Ponce-Davis estate

Cuban coffee mogul trades waterfront Tahiti Beach mansion for Ponce-Davis estate
Dave Folsom, president & CEO of Sotherly Hotels, and the DoubleTree Resort by Hilton Hollywood Beach at 4000 South Ocean Drive (Credit: Google Maps)

Hollywood DoubleTree’s $59M CMBS loan enters special servicing

Hollywood DoubleTree’s $59M CMBS loan enters special servicing
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Kevin R. Kreutzfeld of Premier Estate Properties and 1408 West Lake Drive

Waterfront home in Fort Lauderdale’s Harbor Beach sells for $11M

Waterfront home in Fort Lauderdale’s Harbor Beach sells for $11M
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
3621 South Ocean and Corcoran's Jennifer Kilpatrick

Sean Posner, partners sell new Highland Beach townhouses for $12M

Sean Posner, partners sell new Highland Beach townhouses for $12M
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...