The owner of the DoubleTree by Hilton Hotel Jacksonville Riverfront on the Downtown Southbank said July 9 it plans a $14.6 million renovation of the property and will rename it Hotel Bellamy.
Sotherly Hotels Inc. said in a news release that it refinanced the hotel at 1201 Riverplace Blvd. with Fifth Third Bank. It said the loan has an initial principal balance of about $26.25 million, with an additional $9.49 million for hotel improvements.
“We are pleased to announce the completed refinance as well as the relaunch plans for our Jacksonville asset. Given the current lending environment, we view the completion of the refinancing of the mortgage loan for this Hotel with Fifth Third Bank as a positive outcome for the Company,” Dave Folsom, CEO of Sotherly, said in the release.
“The Hotel’s direct riverfront location is perfectly suited to reposition the Hotel as the first full-service lifestyle concept in the downtown Jacksonville market. We believe our repositioning strategy, coupled with the strength of the Hilton reservation system, will position the Hotel for success for years to come.”
Sotherly said it has entered into a new 10-year franchise agreement with Hilton Worldwide to relicense the hotel as a soft-branded DoubleTree by Hilton under the name Hotel Bellamy.
According to hotel data site STR, a soft brand is an affiliation between an independent hotel and a hotel chain.
It says the Curio Collection by Hilton is an example of a soft brand. The Drayton Hotel Savannah is the closest such property to Jacksonville.
Renovation plans for Hotel Bellamy include a redesign of guest rooms, public spaces, building exterior, pool and sundeck, existing food and beverage offerings, and the addition of a riverfront dining concept.
Completion is estimated by January 2027.
Sotherly acquired the DoubleTree site in 2005 through MHI Jacksonville LLC for $22 million. County records show the hotel, originally a Hilton, was built in 1967.
Sotherly Hotels Inc. says it is a real estate investment trust focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern U.S.
It’s portfolio comprises investments in 10 hotel properties with 2,786 rooms as well as interests in two condominium hotels and their associated rental programs.
The company owns hotels that operate under the Hilton Worldwide and Hyatt Hotels Corp. brands, as well as independent hotels. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia.