The Embassy Suites Hotel on Baymeadows Road in Jacksonville, Florida, located right by our Jacksonville office, sold to a group of hotel investors from San Diego for $8.8 million, or $41,900 per room, on October 10.
The Jacksonville hotel market has been steadily improving, and this trend is expected to continue; Revenue per room is up 9 percent from the beginning of the year. This buy is expected to be profitable for the buyers for the following reasons:
– The Baymeadows/Southside area of Jacksonville is home to about 45% of all office space within the Jacksonville market.
– Jacksonville is consistently rated one of the “Hottest Cities in America” for business expansions and relocations according to Expansion Management Magazine
– Jacksonville has been in the “Top 10” of that magazine for eight straight years and is the only city to claim the number one spot three times.
Because of the large investment and number of staff required to run a hotel, many foreign investors who purchase a hotel will also qualify for an EB5 visa. If you are interested in purchasing a Jacksonville hotel or starting another type of business, contact Boyer Law Firm’s business, immigration, and commercial real estate attorneys today.