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Daytona Beach's Plaza Resort Gets $27 Mil Loan to Finish Facelift

DAYTONA BEACH, FL-The southeast regional office of Anaheim, CA-based Fremont Investment & Loan Co. is providing the funding for Bray & Gillespie III, local owners of the 76-year-old, 323-room oceanfront hotel. Daytona Beach is 50 miles north of Downtown Orlando.

By Alex Finkelstein | Updated on October 12, 2001

DAYTONA BEACH, FL-Chuck Bray and Joe Gillespie, local owners of the landmark Plaza Resort & Spa, are breathing easier today after receiving a $27.25 million term loan to complete year-long renovations at the landmark 323-room, 76-year-old hotel. Daytona Beach is 50 miles north of Downtown Orlando.

The southeast regional office of Anaheim, CA-based Fremont Investment & Loan is funding the construction work through a floating rate loan starting at 8% with semi-annual adjustments. The loan is amortized over 20 years. Fremont is confident the loan is well placed.

“Daytona is predominantly a ‘drive-to’ market, which should insulate it from the economic shocks from the current recession and terrorist attack repercussions,” Stephen R. McRae, Fremont’s vice president and regional manager, says in a prepared statement.

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