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Argosy Real Estate Partners Exits the Sheraton Jacksonville
On November 6, 2018, Argosy Real Estate Partners III, L.P. and its parallel Funds (“AREP III” or the “Fund”) exited their investment in a 159-key Sheraton hotel located in Jacksonville, Florida. The hotel was sold to a national hospitality fund management platform.
In June 2015, AREP III acquired the hotel with the Peachtree Hotel Group (“Peachtree”, and together with AREP III, the “Partnership”). The Partnership completed a substantial capital improvement plan which included full renovation of the guestrooms, common areas, restaurant and meeting space to meet current Sheraton brand standards. In addition, the Partnership substantially increased revenues and reduced expenses due to improved management.
AREP III partnered with Peachtree, a private owner/operator of hotels headquartered in Atlanta, Georgia. Peachtree focuses on the acquisition, development, and management of premium-branded, select-service and extended-stay hotel assets in the Southeast.