Fortress Acqiuires 963-Key Hyatt Regency Jacksonville Waterfront – CoStar Group
New York-based Fortress Investment Group (NYSE: FIG) acquired The Hyatt Regency Jacksonville Waterfront (The Hyatt) at 225 E. Coastline Dr. in the Downtown Northbank area of Jacksonville, FL from CWCapital Asset Management.
Constructed in 2001, The Hyatt is a 963-key hotel located on a four-mile riverfront boardwalk roughly 20 miles from the Jacksonville International Airport. Notable as northeast Florida’s largest convention hotel, The Hyatt makes up 28% of all hotel rooms in downtown Jacksonville.
“The size of the hotel and the repositioning opportunity garnered tremendous interest from the REITs, institutional funds and private equity funds, creating a competitive environment when bids were due,” commented CBRE Hotels’ Christian Charre.
Charre, Paul Weimer and Natalie J. Castillo of Miami-based CBRE Hotels, with assistance from Patrick Arangio, Jack Howard, Kurt Altvater and Dave Dorros of CBRE’s National Loan Sale Advisory Group, negotiated on behalf of CWCapital.
Related story from Roger Bull of The Florida Times-Union from March 2013, a year earlier, that says USBank took ownership of the Hyatt after the foreclosure auction resulted in no other bidders.