Streamline Hotel Purchased by New York Investment Group

DAYTONA BEACH, Fla. – Daytona Beach’s iconic Streamline Hotel has new owners. MG Capital Partners, an investor group from New York, has agreed to purchase the hotel from its previous owner Eddie Hennessy. The Streamline is near and dear to the hearts of Daytona residents: though it’s been through change after change in its decades-long existence it’s still best known as the place where NASCAR was formed as an official body in 1947. The hotel sold for $6.75 million according to an initial report by the Daytona Beach News-Journal. That price is significantly higher than the $950k that Hennessy bought it for in April 2014, but for a reason: after making his purchase, Hennessy spent some $6 million renovating the facility after years of slow decay. Months after Hennessy’s purchase, the Streamline was featured on the Season 5 premier of Hotel Impossible, a Travel Channel program in which host Anthony Melchiorri worked to get ailing hotels back to their former glory. In 2019 it briefly looked like the hotel was about to change hands, when Hennessy took steps to hold an auction for its ownership. Shortly thereafter he rescinded his moves to sell and decided to hold onto the facility for the time being. Buying the Streamline appears to be part of a larger plan for MG Capital Partners to establish a presence in Daytona Beach, per the News-Journal’s report the group recently purchased two motels just two miles up the road. According to one of the primary investors, all current employees at the Streamline will be able to keep their jobs.