Jacksonville Hotel Changes Hands
Southern Bank provided an acquisition loan.
Holiday Inn Express & Suites Jacksonville Town Center, a 99-key hotel in Jacksonville, Fla., has changed hands in a transaction arranged by DSH Hotel Advisors.
MACO Management Co. Inc. bought the asset for $18.5 million from a private individual and Southern Bank issued a $14.6 million acquisition loan, according to Duval County public records. Genuine Hospitality will serve as hotel manager going forward.
Holiday Inn Express & Suites Jacksonville Town Center is at 10573 Brightman Blvd. in the Southside section of the city, near St. Johns Town Center, the 1.4 million-square-foot outdoor shopping mall and commercial hub.
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Completed in 2019, the five-story building is next to the city’s Whirlpool Interchange of Interstate 295 and J. Turner Butler Boulevard, a booming commercial and economic area with multiple corporate headquarters, medical facilities and retail options. Downtown Jacksonville is 14 miles away, while the city’s international airport is some 22 miles northwest.
The hotel features an outdoor swimming pool, a fitness center, a business center and meeting facilities. The property also includes an outdoor parking area with EV charging stations.
DSH Hotel Advisors Managing Principal Dennis Hopper, Senior Vice President of Investments Randy Taylor and Vice President of Investments Sam Subodh Patel brokered the sale.
Recent hotel sales across key Florida markets
Although MACO’s main operations involve the development, construction and management of affordable housing, the Missouri-based company is no stranger to the hospitality sector. In June, the firm paid $11.3 million for the 119-key Hilton Garden Inn Jacksonville Deerwood Park, another Jacksonville property. And a several months earlier, MACO purchased Hilton Garden Inn Birmingham, a 130-key hotel in Birmingham, Ala., for $15.5 million.
Meanwhile in Florida, the hospitality industry continued to record notable transactions. One of them was the $300 million sale of InterContinental Miami, which was acquired by Gencom and White Bridge Capital earlier this month.
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