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A joint venture of the Liberty Group and DeBartolo Development have acquired the Holiday Inn Express & Suites by IHG in Jacksonville.
Built in 2004, the hotel is located on the St. Johns River, minutes from the Jacksonville Airport and adjacent to the Jaxport Carnival Cruise Ship Terminal on Blount Island. The building features 73 guestrooms including 17 suites, an outdoor pool, fitness center, 2,000 square feet of meeting space and an atrium-style great room.
The joint venture acquired the non-performing senior mortgage in 2011 and recently received ownership of the property in Federal Court after a bankruptcy and foreclosure case.
Liberty Hospitality Management, an affiliated-entity of the Liberty Group, will manage the hotel.
“This hotel perfectly complements our growing portfolio and investment strategy of acquiring under-valued top-tier assets,” Punit Shah, president and chief operating officer of the Liberty Group, says in a press release.
Shah says the property was in good shape and will most benefit from professional management.
The hotel was most recently sold in 2006 for $6.5 million.
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