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 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