Arriba Capital has arranged financing for a $35.75-million ground-up construction loan for an oceanfront Residence Inn by Marriott property in Ormond Beach, FL. The property is being developed by Contender Development.

Arriba’s Ryan Bosch added, “Newer upscale extended-stay products are currently underserved in the Ormond Beach/Daytona Beach submarket. We fully expect this property to sit atop the comp set.”

The property will feature 137 extended-stay guestrooms, as well as a lobby pool bar, meeting space, a complimentary breakfast area, an elevated outdoor pool with ocean views, a business center, a fitness center, guest self-laundry and a sundry shop. The hotel is expected to open in the fourth quarter of 2025.

Ormand Beach’s population is about 45,000. It lies directly north of Daytona Beach and like Daytona Beach, the city is known as the birthplace of speed, as early adopters of motorized cars flocked to its hard-packed beaches for yearlong entertainment.