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Jacksonville’s biggest hotel fetches $109.9M

Jacksonville’s biggest hotel fetches $109.9M

The Hyatt Regency Jacksonville Riverfront hotel

The biggest hotel in Jacksonville has sold for $109.9 million, or about $115,000 per room.

The new owner of the 951-room Hyatt Regency Jacksonville Riverfront is Houston-based Westmont Hospitality Group, which has equity interests in 500-plus hotels on three continents.

Westmont last year paid $120.5 million to acquire the Hyatt Regency Clearwater Beach Resort & Spa.

The Hyatt Regency Jacksonville Riverfront opened in 2001 as an Adams Mark hotel. The hotel sold for $67 million in 2005 and changed hands again in 2014 when Fortress Investment Group bought the property out of foreclosure for $53 million.

The Jacksonville hotel’s general manager said it will retain the Hyatt brand under the new ownership.

The hotel is a vital component of the city’s meetings and conventions business, according to Paul Astleford, president and CEO of Visit Jacksonville. [Jacksonville Times-Union] Mike Seemuth


Source: http://feeds.feedburner.com/trdmiami

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