CBRE Hotels Sells Hampton Inn, Courtyard in Florida
- May 06, 2013
There’s been no lack of activity in the metropolitan Jacksonville hotel market this year, and the Hampton Inn & Suites Ponte Vedra and the Courtyard by Marriott Flagler Center are among the latest properties to change hands. Commercial real estate services firm CBRE Hotels, acting on behalf of different sellers, recently facilitated the disposition of the assets in transactions totaling approximately $17.8 million.
Mercury Investment Co. picked up the 13-year-old Hampton Inn, which carries the Jacksonville Beach address of 1220 Marsh Landing Pkwy., from Marsh Landing Hotel Associates L.L.C. for $8.4 million. The 117-room hotel benefits from its location within close proximity to the Mayo Clinic.
Peachtree Hotel Group grabbed a piece of the Jacksonville pie with the approximately $9.4 million purchase of the six-year-old Courtyard from Jacksonville Hotels Associates L.L.C. With a location at 14402 Old St. Augustine Rd, the 120-room property offers easy access to the JaxPort Cruise Terminal.
Both of the new owners plan to upgrade the latest additions to their respective portfolios, with the Hampton Inn getting a few more enhancements to its recently completed refreshing, and Courtyard undergoing a major renovation.
Strong travel and tourism activity is bolstering Jacksonville’s hotel market, as noted in a recently released report by PKF Hospitality Research. Visitation among the leisure crowd is on the rise, and conventions in the area are attracting more attendees. The experts expect the good times to continue. “The outlook for 2013 remained positive with hospitality contacts projecting increases in occupancy rates,” per the report.