Colliers International Hotels has been retained to solicit offers for the Wyndham Jacksonville Riverwalk Hotel.
It was sold in March 2012 at a foreclosure auction for $100 to its lender, Miami Beach-based LNR Partners LLC, after Duval County Circuit Judge Lawrence Haddock ruled the owner, Riverwalk Hotels LLC, was in default on $34.1 million in mortgage principal, interest and fees.
Riverwalk Hotels purchased the property in February 2001 for $21.05 million, according to property
records.
The 322-room property along the Southbank Downtown opened in 1980 as a Sheraton Hotel and was later rebranded as a Radisson. It has operated with the Wyndham brand since 2006.
Colliers International’s website does not list an asking price for the property, but states, “A complete redevelopment of the Hotel and surrounding land is another option – this land is offered separately by Colliers International. The non-union hotel can be delivered unencumbered by management and franchise license agreement.”
According to the Duval County property appraiser website, the 2012 just (market) value of the building and land was $7,794,300.
“The hotel is attractive to many investors as it can be acquired, renovated and repositioned at favorable cost. Our sales process for the hotel property will assure market value is achieved,” said Rich Lillis, executive vice president of Colliers International Hotels.