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#1 Posted : Thursday, May 14, 2020 11:07:49 AM(UTC)

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Lottery winner buys Daytona’s La Playa Resort

The shuttered La Playa Resort & Suites on A1A across the street from Bellair Plaza shopping center has been sold to a winner of New Jersey’s Mega-Millions lottery.Get more news about 彩票包网平台,you can vist loto98.com

The 239-room hotel at 2500 N. Atlantic Ave. was sold in an auction held in late April for $13.65 million to former New Jersey resident Richard Wahl, who now lives in the Sarasota area, according to multiple sources.

Jeff Brock, an attorney with Smith Bigman Brock who represented the sellers, confirmed the sale which closed on July 1 to a newly formed Delaware limited liability corporation called 2500 North Atlantic Avenue LLC.

That entity is owned by Wahl, a former food service manager from Vernon Township, New Jersey, who won that state’s $533 million Mega Millions jackpot in March 2018.Wahl opted to take the cash prize, which amounted to $175 million after taxes, according to news reports.

Wahl plans to convert the La Playa, which has been closed since 2016 when it was damaged in Hurricane Matthew, into a vacation timeshare resort, according to Tim Davis, a commercial Realtor with SVN Alliance Commercial Real Estate Advisors.

Davis represented a client who was the second-highest bidder for the La Playa in the April 23 auction held by Irvine, California-based Ten-X Commercial.

“Richard Wahl bought it,” said Davis. “He (now) lives in Sarasota. His intention is to turn it into a timeshare. ... I don’t know how much due diligence he has done. It will be interesting to see how feasible it is.”

Davis said he visited the nine-story La Playa on behalf of his client prior to the auction and said while the property which opened in 1975 appeared to be “relatively dry, it’s extremely outdated. I think it could cost at least $100,000 per unit (or a total of $23.9 million) to renovate.”

“It still would be cheaper than building new, which would most likely cost at least $200,000 per room,” he said.Davis said, “my only caution is (Wahl is) not a traditional hotelier or buyer. He just won the Powerball.. ... It’s a strange sale.”Davis said the client he represented had wanted to repair and modernize the La Playa so it could reopen as a hotel.

Bob Davis, the CEO of the Lodging & Hospitality Association of Volusia County and no relation to Tim Davis, confirmed that the La Playa was sold by Summit Hospitality Management Group to Wahl.

“He (Wahl) had to invest his money to get the tax credit,” Bob Davis said. “It’s a good piece of property in a good location, but I think that timeshares have had their day. People aren’t investing in timeshares (like they once were) because they can’t get out of the contracts. If that’s what he wants to do with his money, God bless him.”

Wahl, via his 2500 North Atlantic Avenue LLC, recently filed a notice of commencement with the county for a planned “remodel and renovation” of the La Playa, with the general contractor identified in the filing as NashBuilt Inc. of Pensacola, according to the Volusia County Clerk of Court website.
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