Lingerfelt CommonWealth Realty Partners LLC announced Tuesday it bought the dual-branded Hilton Garden Inn and Homewood Suites in the Downtown Southbank area.
The property comprises a 123-room Hilton Garden Inn and a 98-suite Homewood Suites at 1201 Kings Ave.
Richmond, Va.-based Lingerfelt CommonWealth, a commercial real estate investment firm, said the premium branded select-service and extended-stay hotel was built in 2009.
Commonwealth Lodging Management, the company’s hotel management affiliate, will operate the eight-story hotel.
Lingerfelt CommonWealth did not disclose the price or the seller.
As of the announcement, the sale had not been recorded with the Duval County Clerk of Courts. Property appraiser records show its 2017 assessment-in-progress is $18.9 million.
Those records show the hotel is owned by San Marco Hotel Partners LLC and the Jacksonville Transportation Authority, in care of Alex. Brown Realty Inc. of Baltimore, Md.
San Marco Hotel Partners LLC is associated with Alex. Brown Realty.
Alex. Brown Realty says it a privately owned real estate investment manager, organized in 1972, that co-invests with clients and joint-venture partners in properties throughout the country.
Lingerfelt CommonWealth has become a well-known landlord in Jacksonville.
It owns Riverplace Tower and the Stein Mart Building on the Southbank. It also manages 2.1 million square feet of suburban space as well as some ancillary properties.
The hotel is part of Kings Avenue Station, a development by Kings Avenue Redevelopment LLC, led by Michael Balanky.
Kings Avenue Station, with space for retail, restaurant and office space, is designed to use its proximity to the JTA’s Kings Avenue garage and Skyway station for parking and transportation.
The chaseproperties.com site, for Balanky’s Chase Properties, describes Kings Avenue Station as a master-planned project that began in 2005.
It says it was the result of public-private partnership with Chase Properties and the JTA.
The first phase included the hotel site.
Balanky said JTA owns the ground, and he holds the ground lease.
The hotel owner is his tenant.