Charles Wayne Properties Sells Coral Sands for $6.15 Million

Excerpted from article originally published November 11, 2011 in the Daytona Beach News-Journal, written by Bob Koslow.

ORMOND BEACH — The Coral Sands Inn & Seaside Cottages, an oceanfront resort hotel, has been sold for $6.15 million [sale facilitated

CWP Sells Coral Sands Hotel

by Charles Wayne Properties].

The Coral Sands is at 1009 Ocean Shore Blvd., a mile north of Granada Boulevard.

The buyer is a Daytona Beach company called Island Club Associates Ltd. Lichtigman is also chairman of Daytona Beach-based Charles Wayne Properties, which will continue to manage the Coral Sands.

The resort hotel, which sits on an eight-acre site, offers 104 rooms in the form of oceanfront cottages, one-story villas and a five-story hotel. Some of the cottages date back to the 1940s. The hotel building was built in 1973 and renovated about three years ago, Lichtigman said. The Coral Sands employs approximately 20 workers.

The resort includes an adjoining campground with 35 rented spaces that have water, sewer and electric hookups for recreational vehicles, motor coaches, travel trailers and fifth wheelers. Campground guests have full use of the resort amenities, according to the resort’s webpage.

Island Club Associates’ purchase of the Coral Sands did not include the 0.6-acre undeveloped tract on the west side of A1A that Ocean Shore Investments still owns.

State corporation records list “Rolf H. Gardey LLC” as Island Club Associates’ general partner. Rolf Gardey is the owner of Continental Property Services, a Daytona Beach company that manages 11 apartment complexes in Daytona Beach, Ormond Beach and South Daytona, according to its website.

The sale price is within the expected range, said Bob Rand, a commercial sales associate with Ormond Beach-based Coldwell Banker Commercial Benchmark, which worked as a real estate adviser to Fifth Third Bank on the Coral Sands resort property at 1009 Ocean Shore Blvd.

“It’s a good buy. A beautiful piece of property,” said Rand, who was not involved in the resort hotel’s sale to Island Club Associates. “So many times beachfront properties are run down and not in good condition, but this one is very well maintained.”

The Coral Sands has 838 linear feet of traffic-free beachfront, said Rand, who described that as a big plus.

Raw beachfront commercial property has been selling for between $6,500 and $7,000 a linear foot along the water, Lichtigman said. The Coral Sands sold for about $7,338 a linear foot of oceanfront.

“This hotel has seen year-over-year of good growth and that’s added to its value,” Lichtigman said of the Coral Sands. “About 70 percent of our guests are repeat business. It’s in good condition and doing well operationally. There are no plans to make any changes. It’s still open for business.”