DAYTONA, FL—Boca Raton, FL-based private investment group Waramaug LS Hotels has purchased the Marriott Daytona Beach Speedway/Airport hotel here.

Waramaug did not reveal the purchase price for the 122-room property that was fully upgraded by the former owners in June 2011 for $1.2 million. The property sits on 4.34 acres and includes 75 king rooms, 39 double queen rooms, three double queen suites, one king suite and four king spas. It also features a total of 1,700 square feet of meeting space throughout four meeting rooms. The hotel also offers an outdoor swimming pool, whirlpool, fitness center, business center and outdoor seating and grilling area.

“The Marriott brand carries a competitive advantage over other hotels in the area due to its premier standing in the industry. This particular hotel has been driving occupancy and market rates over its competitors, resulting in strong levels of RevPAR. If you couple the hotel's robust performance with the fact that the Daytona region is experiencing a growth in tourism that exceeds pre-recession visitation, one can easily see the value of this property to our portfolio,” says Craig Nussbaum, vice president of Waramaug LS Hotels. “The property occupies a central location next to the Daytona Beach International Airport within an area that has a population of nearly a half a million people and attracts approximately eight million annual visitors.”