Tough Luck for developers of Plaza Resort & Spa in Daytona Beach.
In September 2008 I posted Daytona Shooreline Hotel Tycoons File for Chapter 11. It was a sad story of a local real estate developer with a vision falling prey to this unforgiving market. Bray & Gillespie, who are behind a number of real estate development and hospitality companies in Daytona Beach area, are controversial figures, and there are many who they angered. I assume there is a reason for that. I do not and did not have any business dealings with them (I, actually, never met Mr. Bray, and once had a brief meeting with Mr. Gillespie, when I accompanied my client). 

I think the time allowed by the bankruptcy court has elapsed, and Palm Plaza changed hands, or better say, is in the hands of the Lender, according to the rumors. Same fate is for Boardwalk Inn. Surfside Inn had been closed by the city because of the unsafe condition (crumbling concrete in the garage).

I also noticed "for sale" signs on the oceanfront land that belongs to Ocean Waters, and, as far as I know, some land is in foreclosure.

This is a sad story. Where are the plans for a 33-story (250-room The Blu) with its $1 Mil units, where is a gorgeous 42-story 550-room The Grand.. The new Daytona Beach skyline died with no chance to materialize. 

Their legacy is The Plaza Resort & Spa. Even only for that they deserve our "thank you". There are not that many people out there with money and vision. Or they all just pass Daytona Beach for greener pastures.

I know thatI again can cause anger writing about Bray & Gillespie, or their company, to be exact, not as pigs. I do not know how many people, erecting Pyramids in Egypt, hated their bosses, I am not sure that Parthenon was build by happy slaves.

I am not sure John Rockefellerwas the nicest guy in the world, or many other famous philanthropists for that matter, but they left such a legacy behind, and this is important.

We have the fruit of their labor. I am not comparing The Plaza Resort & Spa to pyramids, no.

All I am saying is that there are so many "pigs" out there, and so few of them left something after them. If anything, this is not a tribute to Bray & Gillespie. This is a tribute to their vision.

So, these are tough times and even the strongest suffer. The may fall, disappear, or get stronger and wiser and make a comeback. The history will tell. This is how the steel is forged: from unimaginable heat and into the ice cold...

I want to believe in Phoenix..."reborn anew to live again"

Disclaimer: the blog post is based on my conversations with people, and are not official statements of any company and are not independently verified. I write what I hear and what sounds true.