The Best Western Premier near Butler Boulevard and Interstate 95 will be rebranded as a Delta Hotels by Marriott after it was sold July 12 for $16.325 million.
Weston-based 1754 Properties LLC and Argosy Real Estate Partners said July 13 they acquired the 164-room property at 4700 Salisbury Road.
According to a deed recorded with the Duval County Clerk of Courts, Jacksonville Hospitality Group LLC sold the property to 1754 Properties through 4700 Salisbury Property Owner LP.
4700 Salisbury Property Owner LP then took out a $15.5 million mortgage with Kairos Credit Strategies Operating Partnership LP.
The Best Western, built in 1989, is south of the Marriott Jacksonville and Country Inn & Suites by Radisson hotels.
As part of the rebranding, “the property will undergo a comprehensive, multimillion-dollar renovation, and become one of Jacksonville’s newest full-service upscale hotels,” the companies said in a news release.
“The Delta by Marriott brand is a natural fit, giving our guests the consistency, reassurance and benefits of Marriott’s reservation system, rewards program and globally recognized brand while competing in the upscale tier market and delivering the essentials required by the modern business traveler,” Joe Kelley, head of operations of 1754 Properties, said in the release.
“The transformation of this property will fill an underserved gap in the market and benefit the entire market,” Jason Abel, principal of Argosy Real Estate Partners, said in the release.
1754 Properties says it is an institutional owner, operator and lender of hotels and other real estate. Argosy Real Estate Partners is a real estate investment company based in Wayne, Pennsylvania.
Delta Hotels by Marriott has more than 70 locations. There are three in Florida in Daytona Beach, Celebration and Lake Buena Vista.