Jacksonville’s biggest hotel fetches $109.9M

Westmont Hospitality Group acquired the Hyatt Regency Jacksonville Resort

TRD MIAMI /
Sep.September 30, 2017 01:00 PM

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


Related Articles

arrow_forward_ios
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

Tim Tebow and his home in South Jacksonville's Glen Kernan Golf & Country Club (Credit: Getty Images, Estately)

Take 2: Tim Tebow pays $3M for second house in gated community in Florida

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

arrow_forward_ios
Loading...