Hilton Garden Inn – Homewood Suites Jacksonville Southbank
Realized The Hilton Garden Inn - Homewood Suites Jacksonville Southbank is a 221-room, dual-branded, select-service hotel property located in the downtown Southbank submarket of Jacksonville, FL. At acquisition, the hotels combined were running at an average occupancy of 79.7% and an average daily rate (“ADR”) of $122, yielding $97 in revenue per available room (“RevPAR”). The investment had a Core-Plus profile at acquisition because of the opportunity to increase cash flows through management efficiencies and via the execution of a moderate property improvement plan (“PIP”) designed to increase occupancy and ADR, while at the same time generating attractive going-in cash yields.
Investment Info
- Status: Realized
- Market: Jacksonville, FL
- Property Type:
Hotel - Room Count: 221
- Lingerfelt Role: GP
- Strategy: Acquisition
- Sub-Strategy: Renovation, Hotel PIP
Investment Metrics
- Entry Date: February 28, 2017
- Purchase Price: $24,700,000
- Total Capitalization: $28,468,600
- Exit Date: December 30, 2021
- Exit Price: $33,850,000
- Hold Period: 4.8 Years
