JACKSONVILLE, FL—Hyatt Regency Jacksonville Riverfront, the largest convention hotel in North Florida, has traded hands. The price for the downtown hotel: $53 million.
CBRE Hotels, in conjunction with CBRE's National Loan Sale Advisory Group, has arranged the sale. The Miami-based CBRE Hotels professionals involved in the transaction include Christian Charre, Paul Weimer, and Natalie J. Castillo, with assistance from Patrick Arangio, Jack Howard, Kurt Altvater, and Dave Dorros of CBRE's National Loan Sale Advisory Group.
“The size of the hotel and the repositioning opportunity garnered tremendous interest from the REITs, institutional funds and private equity funds, creating a competitive environment when bids were due,” says Charre. The hotel is located at 225 East Coastline Drive in Jacksonville, FL.
Located approximately 20 miles from the Jacksonville International Airport, the 963-key Hyatt Regency Jacksonville Riverfront sits on a four-mile riverfront boardwalk close to major area attractions and features 110,000 square feet of flexible meeting space. The hotel is the market leader in the competitive set with 28 percent of all hotel rooms in Downtown Jacksonville.
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