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The Hyatt Regency Jacksonville Riverfront hotel sold for $53 million.

Hyatt is third Downtown deal in five months to top $50 million

By Max Marbut, Staff Writer

The Hyatt Regency Jacksonville Riverfront Hotel was sold this week for $53 million.

The city’s landmark hotel was purchased Monday by New York-based Jacksonville Hotel 2014 Purchaser LLC, a Fortress Investment Group company.

CapitalSource Bank issued a $34.5 million mortgage on Monday. The deed and mortgage were recorded Wednesday with the Duval County Clerk of

Court.

Representatives of Jacksonville Hotel 2014 Hotel Purchaser did not return a phone call for comment.

The sale is the third largest Downtown sale in five months and the largest on the Northbank. On the Southbank, the Aetna Building sold in December for $55.5 million and the Strand apartment building was sold in September for $53.3 million.

The 963-room riverfront Hyatt at 225. E. Coastline Drive opened in 2001 as an Adam’s Mark.

Oxford Jacksonville Riverfront Hotel LLC bought the property from Adam’s Mark in 2005 and converted it into a Hyatt.

Oxford Jacksonville obtained a $150 million mortgage in 2007 from UBS Real Estate Securities Inc. The loan was later assigned to a commercial mortgage-backed securities trust, with U.S. Bank as the trustee.

U.S. Bank filed a foreclosure lawsuit against Oxford Jacksonville in November 2010. With interest and fees, the judgment came to $195.5 million nine months later.

In March 2013, with no other bidders at a foreclosure auction, the hotel was ordered to be turned over to its lenders.

mmarbut@baileypub.com

(904) 356-2466

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