Bull Realty Brokers $3 Million Hotel Site in Destin, FL

ATLANTA - April 7, 2015 - PRLog -- Destin is a well-known Spring Break destination and if you plan on vacationing there this year, you may see a large Bull Realty sold sign along Highway 98. Bull Realty brokered the sale of 2.23 acres at the corner of Emerald Coast Parkway (Highway 98) and Restaurant Row. The sale closed on Feb. 23, 2015 for $3 million.

Spa Destin, LLC was the seller and the buyer was CM Destin, LLC, a hotel group with a Hilton concept called Home2Suites. The concept heralds sustainability with hotels featuring saline-based pools, recycling centers and guest rooms featuring Energy Star appliances. Every Home2Suites hotel is built using eco-friendly construction materials.

The developer will be Cohen Investments, a Memphis-based REIT “specializing in hotel and commercial property development and management” according to their website.

The site was acquired by Spa Destin, LLC in 2011 in a foreclosure transaction. Previously a Whitney National Bank, the buyer will be demolishing the existing 14,875 sq ft brick and stucco building. The site which has approximately 50,000 cars passing daily is surrounded by six condominium towers. It’s close to major restaurants such as Joe’s Crab Shack, Ruth’s Chris Steakhouse, Bubba Gump Shrimp Co. and The Back Porch.

Bull Realty was the only broker involved in the marketing and sale. Michael Bull said, “Bull Realty sells land all over the Southeast and it’s good to see this site in Destin being developed. The panhandle is a hot area with increased re-development…and it’s a fun place too. This assignment was a great excuse to go to the beach.”

Bull Realty, Inc. (www.BullRealty.com) is a U.S. commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services. The firm also produces and hosts the nationally-syndicated Commercial Real Estate Show (www.CREshow.com). The popular weekly show is broadcast on 40 radio stations nationwide, iTunes, YouTube and CREshow.com. Info@BullRealty.com 404-876-1640 Michael Bull: Florida License # 3165854