One Ocean Resort & Spa in Atlantic Beach sold June 27 for $48.62 million.
The oceanfront property comprises a 2.33-acre hotel site and a 0.8-acre parking lot at 1 Ocean Blvd. It is north of the Beaches Town Center at the end of Atlantic Boulevard and was once known as the Sea Turtle Inn.
Dallas-based Ashford Hospitality Trust sold the hotel through Ashford Atlantic Beach LLP.
The buyer was Denver-based ACS One Ocean Propco LLC. Sage Hospitality Group, a hotel owner and operator, shares an address with ACS.
ACS took out a $65 million mortgage on the property with West Des Moines, Iowa-based Athene Annuity and Life Co.
A joint venture of Aspect Real Estate Group, Sage Hospitality Group, Corner Lot and Kelco Management & Development will oversee a full renovation of the property, Jacksonville-based real estate development firm Corner Lot said in a July 1 news release.
Property records show the nine-story, 193-room hotel was built in 1973.
“Corner Lot is honored to help bring best-in-class Sage Hospitality Group to the Northeast Florida region. After our recent success in partnership with Kelco on Downtown Jacksonville’s Home2 Suites by Hilton, we are thrilled to transform one of Jacksonville’s most famous assets, the former Sea Turtle Inn, into a world-renowned destination hotel,” Corner Lot CEO Andy Allen said in the release.
In a July 1 LinkedIn post, Allen said, “This project will honor the history of the community while creating a destination hotel experience.”
Sage will oversee resort operations, including its spa and Azurea, its fine-dining restaurant.
The property will be part of Sage’s Independent Collection, a group of 18 hotels across the country, including The Crawford in Denver, Asbury Ocean Club in Asbury Park, New Jersey and Hotel Per La, in Los Angeles, according to the release.
“Growing our portfolio of independent, luxury and lifestyle hotels is one of our primary strategic objectives in our quest to become America’s favorite lifestyle hospitality company, and One Ocean Resort & Spa is a noteworthy new addition as our first acquisition in Florida,” Daniel del Olmo, president of Sage Hospitality Group, said in the release.
“We see enormous potential in this market and are committed to thoughtfully elevating the property through a significant renovation in 2025.”
According to the Sage website, it has a total of 117 mixed-use, hotel and restaurant properties. One Ocean is its first in Florida.
Jacksonville-based Aspect Real Estate Group is a private commercial real estate investment firm.
“With unwavering commitment, we will further elevate this beachfront hotel ensuring it remains a place where we all love to stay, play and dine,” principals Alex and Cathy Cranberg said in the release.
Recognition for One Ocean includes TripAdvisor’s “Traveler’s Choice Award,” the AAA Four-Diamond Award, “Best of Weddings” by The Knot, and the US News & World Report List of “Best Florida Resorts,” the release said.
Jacksonville-based Kelco is a hotel management company and a hospitality development partner.
Ashford Hospitality Trust says it is a real estate investment trust focused on investing predominantly in upper upscale, full-service hotels.
Ashford acquired the hotel and parking lot for $23.05 million in 2004.