Argosy Real Estate Partners Acquires Hotel in Jacksonville, FL for Planned Renovation and Re-Branding
We are pleased to announce that Argosy Real Estate Partners has closed on the off-market acquisition of the 164-room Best Western Premier Hotel in Jacksonville, Florida. The property will be renovated and repositioned to a Delta Hotel by Marriott. The hotel is located within the Southside/Deerwood Park submarket of Jacksonville, approximately seven miles from downtown Jacksonville and immediately off Interstate 95.
Originally developed in 1989, the six-story concrete, compact full-service property was converted to a Best Western Premier Hotel in 2018. The hotel features an on-site restaurant, a bar/lounge, outdoor swimming pool, three meeting/conference rooms totaling 3,880 sf, a board room, guest laundry, a sundries shop, and fitness center. The business plan is to perform a comprehensive renovation and repositioning program including significant upgrades to the hotel common areas and guest rooms.
The investment was made alongside 1754 Properties, a vertically integrated real estate investment, development and management company headquartered in Miami Florida. The company focuses primarily on hotel properties where it can implement its value-add operational, branding and renovation strategies. The principals have experience investing in over $2 billion of real estate assets (including over 30 hotels) across 22 states in the U.S., and internationally in Latin America and Europe. 1754 also owns an institutional hotel management platform with experience operating Marriott properties and independent hotels internationally.