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."

 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

 

Suggested Articles

The proposed deal will help the megachain expand its growing all-inclusive portfolio in the Caribbean.

The acquisition is part of Marriott’s larger strategy to redefine and reinvigorate the W Hotels brand.

The British investment group will commit the capital over the next five years to fund the hotel group’s expansion into U.K. and Portuguese markets.