ONE DAYTONA Mixed-Use Development at Daytona International Speedway
Daytona Beach, FL
International Speedway Corporation (ISC)
Daytona Beach, FL
Scope of Work
Senior management of R.M. Woodworth & Associates worked with ISC in the development of two Marriott hotels and a lifestyle center adjacent to the speedway. Following a positive market study, proposals were sought from hotel developers, franchisors, and management companies for a single hotel as part of the complex. During the formal RFP process, Marriott was selected as the franchise brand and an international hotel developer was selected to own and operate the hotel. ISC provided the land as equity in the deal, but the developer took all of the risk. Subsequently, the team determined that two hotels should be developed, a full-service property and a select-service concept. The team:
- Planned and drafted a Request for Qualifications from hotel developers. Based on the team’s knowledge of, and relationships with, successful developers, telephone contact was made to solicit interested parties. In addition, a large list of other prospects was contacted via mail and email. The RFQ was ultimately distributed widely and yielded responses from 27 prospects. Four firms were selected to receive the RFP based upon their qualifications.
- Distributed the Request for Proposals to qualified firms. Detailed responses were received from all four groups, each proposing different approaches, brands, concepts, and deal structures. In-person meetings were held in Daytona Beach at the site for presentations. Working closely with ISC executives, the winning firm was selected.
- Led negotiations with the developer on a development agreement with the caveat that if an agreement was not reached, the second-place firm would be approached.
- Leveraged our long-term and existing relationships with the major hotel franchise brands to determine their interest in the project. Marriott showed the most interest and offered multiple brand options, and they were selected.
- Successfully negotiated the development and operating agreements, as well as the Marriott franchise agreements.
- Maintained a continuing role with ISC and provided asset management services and project management services during construction.
The analyses commenced in 2014 and services ended in 2019.