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Peachtree Sells 136-Room Aloft Jacksonville Airport Hotel

Gehr Group Acquires Duval County Hospitality Bldg
February 16, 2018

Gehr Hospitality has closed on its acquisition of the 136-room Aloft Jacksonville Airport hotel at 751 Skymarks Dr. in Jacksonville, FL from Peachtree Hotel Group.

Public records put the sales price at $13.5 million, which would equate to roughly $99,000 per room.

Peachtree acquired the asset from Summit Hotel Properties, Inc. in June 2016 for $8.84 million, or $65,000 per room, according to CoStar data.

See CoStar COMPS #3665749.

Peachtree operates, develops and invests in premium-branded, select- and limited-service and extended-stay hotel assets under several flags. The company currently holds 87 hotel assets totaling 10,147 rooms, including 38 real estate assets and 49 senior mortgage notes.

Built in 2009, the five-story, 64,000-square-foot hospitality building sits on 2.9 acres in the Northeast Jacksonville submarket of Duval County, just three miles from Jacksonville International Airport, 10 miles to downtown, a short drive to area beaches and one block from 900 million square feet of retail shops and restaurants at the RiverCity Market Place.

Deal Summary:

Building: Aloft Jacksonville Airport Hotel

Size: 136 Rooms

Seller: Peachtree Hotel Group

 Broker(s): Michael Weinberg, Preston Reid and Alexandra Lalos - HFF

Buyer: Gehr Hospitality

 Broker(s): Direct Deal

The select-service hotel features meeting space, the WXYZ bar and lounge with pool tables, Re:charge 24-hour gym, a business center, outdoor pool, a kid's camp and Re:fuel by Aloft, a grab-and-go eatery.

Gehr financed the acquisition in-part with a new $11 million mortgage provided by BMO Harris Bank N.A.

Gehr Hospitality, a wholly-owned subsidiary of The Gehr Group, is a hospitality-focused investment firm based in Los Angeles, CA. The firm is looking to expand its holdings, which cover a wide range of hotel, nightlife, residential and commercial real estate assets throughout the U.S.

"The city of Jacksonville is one of the fastest growing employment centers in the United States, and year-over-year RevPAR growth of 7.2 percent proves that hotels are reaping the benefits," said Alexandra Lalos, director with the investment advisory team at Holliday Fenoglio Fowler (HFF) L.P., which brokered the sale.

Please see CoStar COMPS #4120561 for additional information on this transaction.

Justin Sumner, News Editor  CoStar Group   
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