Peachtree acquires Jacksonville, Fla., Sheraton

Peachtree Hotel Group has acquired the 159-room Sheraton Hotel in Jacksonville, Fla., for a purchase price of $15.8 million, or around $99,000 per key. A renovation will ensue at an undisclosed price.

According to Jatin Desai, Peachtree Hotel Group’s CIO, "The acquisition of the Sheraton Jacksonville provides the opportunity for Peachtree to implement our value-added investment strategy and adds to our growing footprint of high quality hotels in Florida. Our operations team will focus on growing market share, revenue and profitability through an extensive renovation to all aspects of the property."

 

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