Bray & Gillespie Creates Ocean Waters Development; Company Will Help Revitalize Daytona Beach Oceanfront.

DAYTONA BEACH, Fla. -- Hotel ownership group Bray & Gillespie has formed Ocean Waters Development (OWD), a new development company that will specialize in renovating and redeveloping resort properties along Florida's Atlantic coastline.

Under the direction of Charles Bray, CEO, and Joseph Gillespie, President, OWD expects to develop more than two million square feet of ocean property over the next two years. Ocean Waters Development will be a catalyst for transforming storm damaged hotels and motels into luxury resorts and residences.

"We are identifying select beachfront resorts in Volusia County and Northeast Florida, and, over the next five to seven years, will develop them as luxury resort hotels and upscale residential condominiums," Bray said. "We will be assisted by some of the finest designers and architects in the United States, who will contribute in helping restore Daytona Beach area's image as a world-class destination."

OWD's first project is the conversion of the Plaza Resort & Spa to a condominium resort. The $12 million conversion is expected to begin in April.

Since 1988, Daytona Beach-based Bray & Gillespie has been involved in more than 100 individual hotel transactions. Their holdings include almost a mile of oceanfront property in Daytona Beach.

"Traditionally, developers acquire oceanfront hotels, hold them, renovate them if necessary and then operate them at a profit," said Vice President Doug Kosarek. "We feel the market is receptive for redevelopment of some of those properties either by turning them into large luxury resort hotels or upscale condominiums," he adds.

Kosarek says the company believes the timing was perfect for such projects because the supply of much oceanfront property is limited.

Furthermore, the demand for oceanfront accommodations has increased at double-digit growth levels during the past three years.

The Ocean Waters transformation process will ultimately benefit Daytona Beach because it will help the area achieve a long-standing goal: shed its college break image and attract family visitors, who historically stay longer and spend more.

"We want to play a part in helping reshape Daytona Beach as a better place to live, work and play," says CEO Charles Bray. He points out that there are only a handful of beaches similar to Daytona Beach anywhere in Florida. And he envisions the state's future growth to continue to involve beachfront areas.

But the company's efforts will not stop at Daytona Beach, Bray & Gillespie has properties in other areas in the Southeastern United States.

"We named our development arm Ocean Waters Development because we'll be starting in Daytona Beach; however, it is our intention to work on Intercoastal, waterfront or oceanfront property anywhere in the Southeast," Kosarek says.

About Ocean Waters Development

Ocean Waters Development is a privately held Daytona Beach company specializing in redeveloping and/or renovating waterfront properties and transforming them into luxury resort hotels and upscale residential condominiums. Appointed to coordinate the development efforts for OWD is veteran development manager Steve Sandholtz, who has been named executive vice president of the new company. For more information: http://www.brayandgillespie.com or 1-800-874-7420.