DeBartolo, Liberty Group JV Buys Jacksonville’s Holiday Inn Express
DeBartolo Development L.L.C., in a joint venture with Liberty Group as operating partner, has acquired the Holiday Inn Express and Suites Jacksonville-Blount Island.
The joint venture obtained the non-performing senior mortgage on the asset in 2011, and recently received ownership of the property in Federal Court after a bankruptcy and foreclosure case. No financial details have been disclosed, but the amount for which the property most recently traded was $6.5 million.
Built in 2004, the property is located at 10148 New Berlin Road, just off Route 9A in the heart of the city of Jacksonville near Blount Island and the St. Johns River. It is the closest hotel to the Jaxport Cruise Ship Terminal. The hotel features 73 guestrooms including 17 suites, an outdoor pool, a fitness center, a 2,000-sq.-ft. meeting room, and atrium-style great room.
The three-story Holiday Inn Express and Suites is just a few blocks from the Carnival Cruise Port. Only 11 miles from Jacksonville Beach and the Atlantic Ocean, it is a preferred choice for travelers sailing out of the local port. Several area attractions–Anheuser-Busch Brewery, Jacksonville Zoo, Kinsley Plantation and Jacksonville Landing–are minutes away.
“This hotel perfectly complements our growing portfolio and investment strategy of acquiring under-valued top-tier assets. The Jacksonville market has shown significant resilience, and we anticipate creating tremendous value through our great relationship with Intercontinental Hotels, and increasing Net Operating Income through capital improvements and operational efficiencies,” said Punit R. Shah, president and chief operating officer of Liberty Group.
Image via TripAdvisor