The Real Deal Miami

Jacksonville Beach hotel site fetches $11M

Elite Hospitality of Ormond Beach may build a Margaritaville hotel on the site, which is approved for as many as 220 hotel rooms
November 18, 2017 03:00PM

Jacksonville Beach (Source: Zillow)

An oceanfront property in Jacksonville Beach approved for hotel development sold for $11 million.

The buyer, Ormond Beach-based Elite Hospitality, has listed the address of the Jacksonville Beach property on the company’s website as the future home of a Margaritaville hotel.

The Jacksonville Times-Union newspaper also reported that the previous owner of the development site at 715 First Street North obtained city approval for the development of an eight-story hotel with 220 rooms there.

A spokesman for Elite Hospitality told the newspaper the company will need at least nine months to develop a development plan for the Jacksonville Beach site. If Elite builds a hotel there, it probably will have fewer than the maximum of 220 rooms allowed, the spokesman said.

Elite owns 11 Florida hotels, including four in St. Augustine Beach, three each in Jacksonville and Daytona Beach, and one in Ormond Beach. The hotels bear brands including Courtyard by Marriott, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn and Holiday Inn Express & Suites. [Jacksonville Times-Union] – Mike Seemuth