Lowe Enterprises Acquires Shores Resort

Destination Hotels & Resorts to Manage

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. October 14, 2008

DAYTONA BEACH, FL, Februrary 12, 2007. Lowe Enterprises Investors (LEI), the investment management affiliate of national real estate company Lowe Enterprises, has acquired The Shores Resort & Spa, a 212-room luxury oceanfront resort in Daytona Beach Shores, Fla. for $39.8 million. LEI acquired the property from Noble House Hotels & Resorts, Inc. on behalf of Lowe Hospitality Investment Partners, a $266 million discretionary fund that invests solely in hotel and resort properties. Another Lowe affiliate company, Destination Hotels & Resorts, will assume management of the property.

"The Shores is a premier oceanfront resort that draws significant leisure and business travelers. Served locally by the Daytona Airport as well as being a comfortable drive from both Orlando and Jacksonville, it offers a desirable beach front getaway for Florida visitors as well as residents," noted Bleecker Seaman, managing director, Lowe Enterprises Investors. "The acquisition provides us with a solid investment in a market with strong demand and potential for continued growth."

The 11-story hotel reopened in late 2005 after undergoing a comprehensive $30 million renovation and repositioning. Guest rooms feature detailed finishes with crown moldings and other architectural and design elements, the latest technologies and beautifully appointed, spacious bathrooms. Most rooms offer a balcony overlooking either the Atlantic Ocean to the east or the Halifax River to the west.

Guests enjoy a state-of-the-art spa, fitness center, restaurant and lounge. The outdoor pool area is dotted with intimate cabanas and fire pits in a tropical environment. Just a few steps down from the vast pool deck is an enticing stretch of white-sand beach. Nearby amenities include eclectic shopping districts, a variety of restaurants and several top golf courses including the LPGA Championship Course.

Adding to the appeal of The Shores to businesses is its 16,300 square feet of fully-equipped and flexible indoor meeting space to accommodate corporate functions. The attractive 6,300-square-foot ballroom, and top floor meeting space offering 360 degree views, are popular venues for both social and corporate events.

Known as the home of the Daytona International Speedway, as well as 23 miles of white-sand beaches, the Daytona area averages more than eight million tourists annually. Tourists that may be visiting Disneyworld or Universal Studios in Orlando often choose to add a stay in Daytona to their travel plans.

"The Shores Resort & Spa, with its premier guest rooms and facilities, is an ideal choice for business meetings and leisure travelers alike. Destination Hotels & Resorts has extensive experience managing resort hotels like The Shores, and in providing guests and meeting planners with a superior level of service. Our strong network will allow us to increase both business and leisure travel to this destination resort," said Charlie Peck, president and chief operating officer for Destination Hotels & Resorts.

The seller was represented by Jay Snyder of Snyder Nationwide Real Estate, Inc.