Commercial Real Estate News:

Office Building just sold in Ormond Beach, FL

Elite Hospitality just purchased a building located at 45 Seton Trail for $1.6 million. Manoj Bhoola, who is the president and chief operating officer for Elite, said that his company, who is also a large hotel owner located in the area that Elite decided that they should stop leasing and purchase their own building. 

Elite has been leasing a building on Seabreeze Blvd. in Daytona Beach for the past nine years.  Elite has consolidated all of our corporate offices, the new space will offer a much larger area and give Elite plenty of space for future expansion..

The building located on Seton Trail was appraised for $1.15 million in 2006 by the tax assesors office. Elite Hospitality owns nineteen hotels in Kentucky and the state of Florida. There are six hotels in Flagler and Volusia counties.

The current occupants The Eddy Corp will continue to lease space in the Elite Hospitality building for now. The Eddy Corp in Ormond Beach is one of the largest franchisees of McDonald's restaurants. Started in 1969 with 3 restaurants in Daytona Beach, they expanded to 65 throughout the state. In 2000 they divided them among employees and franchisees.

In 2006 the brothers returned to the restaurant business with the purchase of Moe's Southwest Grills. Restaurants were opened in Ormond Beach, Deland, Port Orange, Melbourne. The brother have three additional Moe’s in the state of Texas.

The brothers have also decided to expand their restaurant business by purchasing another fast growing chain called Doc Green's. This chain focuses on healthy fare with salads and sandwiches. They opened their first Doc Green’s in Melbourne and are scouting for other locations in both Flagler and Volusia counties.

Elite owns 19 hotels in Florida and Kentucky, including six in Volusia and Flagler counties.

 

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