Jacksonville Hotel Transaction
|NEW YORK - Sept. 20, 2005 - Cushman & Wakefield, the world's largest
privately held real estate services firm, today announced the sale of the
249-key Holiday Inn Baymeadows in Jacksonville, FL. The Hotel Transactions
Group of Cushman & Wakefield acted as transaction advisor in the sale,
with assistance from locally based Commercial Jacksonville, a Cushman &
Wakefield Alliance office.
Cushman & Wakefield represented the seller, Connor Hospitality Ltd., in the transaction, which closed on September 15, 2005.
"This asset generated significant interest among both local Jacksonville-based investors as well as national groups," said Paul Fitzpatrick, a senior managing director at Cushman & Wakefield. "With moer than 6.67 acres, the Holiday Inn Baymeadows offers a tremendous opportunity for a new buyer to explore various expansion and/or repositioning strategies."
The buyer, Jalaram Hotels, headquartered in nearby St. Augustine, Florida, owns several other Jacksonville-area properties. "Jalaram has a proven track-record owning and operating hotels in and around the Baymeadows submarket," said Mr. Fitzpatrick, noting that Jalaram is a good fit for the property.
Cushman & Wakefield, the world's leading provider of real estate services, established Cushman & Wakefield Hospitality with services devoted exclusively to the lodging and gaming industry. The group's professionals combine extensive hotel analysis, operations and real estate experience with local market insight, national and international coverage, and responsive service.
Bringing together a team of experienced hospitality professionals with various service specialties, Cushman & Wakefield tailored its hospitality service line to address the particular needs of hotel real estate investors. Cushman & Wakefield Hospitality professionals offer core services in Hotel Transactions, Valuation and Investment Advisory, Gaming Investment Advisory, and Project Management and Development Advisory.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 175 offices in 50 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm's Web site at www.cushmanwakefield.com.
|Also See:||Cushman & Wakefield Advises Significant Hotel Transaction; Sale of Radisson Stockton is Largest Known Hotel Transaction in this Market in the Past Few Years / August 2005|