Peachtree Hotel Group Trades Jacksonville Sheraton

The buyer, a joint venture between Rockbridge and Hospitality Ventures Management Group, plans to invest more than $1 million in renovations.
Sheraton Jacksonville Hotel

Rockbridge and Hospitality Ventures Management Group have partnered to acquire the 159-key Sheraton Jacksonville in Jacksonville, Fla., from a joint venture led by Peachtree Hotel Group. HVMG will manage the asset and coordinate approximately $1.3 million in capital improvements.

Peachtree Hotel Group, along with Argosy Real Estate Partners, purchased the property in 2015 for $15.8 million, according to Duval County records.

Located at 10605 Deerwood Park Blvd., the six-story Sheraton Jacksonville Hotel is situated within 1 mile of more than 4.5 million square feet of Class A office space in the metro’s Intracoastal West submarket, according to Yardi Matrix. In the first quarter, McKesson Corp. signed a 125,000-square-foot full-building lease a stone’s throw from the hospitality asset. Other major employers in the immediate area include the FBI, PNC Financial Services and PHH Mortgage.

The hotel offers a mix of standard guestrooms and suites, ranging from 253 to 500 square feet. The owner’s renovation plans include upgrades to the 9,047 square feet of conference space and doubling the size of the fitness center. Additional guest amenities include a heated indoor pool, complimentary Wi-Fi and electric car-charging stations.

Image via Google Street View