JACKSONVILLE, FLORIDA – August 16, 2022 — Morris, Manning & Martin advised Argosy Real Estate Partners in its 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, 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 square feet, a board room, guest laundry, a sundries shop and a 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 MMM team is led by David Reina in Washington, D.C. and David Freda in Atlanta. Argosy, which has offices in Wayne, Pennsylvania, Denver, Colorado and San Francisco, California, announced the closing August 16, 2022.
