On April 1, 2005 the Oxford Lodging Group and Longwing Real Estate Ventures partnered to acquire the 961-room Adams Mark Hotel located on the river in downtown Jacksonville, Florida. The asset is one of a relatively few "big box" convention hotels located in the United States. Opened in 2001 and run as an independent hotel, the property was poorly positioned to compete on the national circuit of meetings and conventions business. The new owners immediately branded the hotel with Hyatt Hotels and Resorts, and embarked on a $15MM renovation. With proactive management and ownership, the property was repositioned to become an attractive alternative for meeting planners and major conventions. Within two years the property had significantly increased its market penetration and profitability. On June 1, 2007 the ownership sold the property to a new partnership and realized a 70% gain in valuation. The new ownership, lead by Marathon Real Estate and Square Mile Capital, intend to continue the repositioning effort and are pursuing development of a 250,000 square foot convention center adjacent to the hotel.
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OXFORD AND LONGWING ANNOUCE HYATT TAKEOVER AND $10 MILLION RENOVATION OF ADAM’S MARK JACKSONVILLE, FLORIDA
Jacksonville’s Largest Meeting and Convention Facility
Reflagged Hyatt Regency Jacksonville Riverfront
CHICAGO – March 31, 2005 – The 966-room Adam's Mark Jacksonville, Florida was purchased by Jacksonville Waterfront Partners, LLC - a joint venture between Oxford Lodging Advisory & Investment Group, LLC and Longwing Real Estate Ventures, LLC, a member of the Dubai Investment Group – from the seller HBE Corporation. Additionally, Hyatt Hotels & Resorts announced today it has assumed management of the hotel, renaming it Hyatt Regency Jacksonville Riverfront.
“Hyatt’s experience in the upper upscale lodging industry, as well as their vast collection of large convention and group hotels will ensure Hyatt Regency Jacksonville Riverfront will be the premier group meeting destination in Northeast Florida,” said Robert D. Kline, President of Oxford Lodging Advisory & Investment Group, LLC. Hyatt Regency Jacksonville Riverfront will be Hyatt’s 12th property in Florida, joining other properties in Bonita Springs, Coral Gables, Ft. Lauderdale, Key West, Miami, Orlando, Sarasota and Tampa.
"We and our partners at Oxford Lodging are patient and disciplined investors. Working together for over a year, we sought a quality hotel that was situated on the water, had a large convention capability and was a member of a community with strong, positive momentum. Jacksonville and this property met our goals and we were delighted to be able to move decisively together to acquire it," said Vincent Pica, CEO of Longwing.
“Jacksonville is a key Florida convention market and continues to grow at a rapid pace,” said Steve Goldman, executive vice president, Global Hyatt. “This hotel is in a superb destination and a welcome addition to Hyatt’s portfolio.”
Located in the heart of the downtown business district and directly on the waterfront of St. Johns River, the hotel offers the largest ballroom and collection of meeting rooms in Northeast Florida. Within walking distance of the Jacksonville Landing, Center for Performing Arts, Florida Theatre and just a mile from ALLTEL Stadium, the hotel is in an ideal location for both business and leisure travelers. Golf courses, shopping and beaches are just a water taxi ride away.
A $10 million guestroom renovation will begin immediately and is due for completion by early 2006. All newly refurbished guestrooms and public space will include such Hyatt amenities as the Grand Bed, featuring a Sealy Posturepedic 720 Series pillowtop mattress, 21 oz. down blankets, 250-thread-count triple sheeting, and lush down feather pillows; self-serve automated check-in kiosks; and high-speed internet access throughout the hotel. A primary second-tier city meeting location, Hyatt Regency Jacksonville Riverfront offers meeting planners an impressive 110,000 square feet of meeting space, including a 27,100 square foot grand ballroom and 30 individual meeting rooms, accommodating up to 4,300 attendees.
Hyatt Regency Jacksonville Riverfront also offers a full-sized outdoor pool and sun deck, sauna, fitness center and business center. Guests can enjoy four dining venues including Bravo! Ristorante, offering authentic Italian cuisine and entertainment nightly; a lobby restaurant for casual dining and Sunday brunch; sports bar with big screen TVs and appetizers, and lobby bar.Just 18 miles from Jacksonville International Airport, downtown Jacksonville is a leading Florida destination. In addition to world-class golf and 20 miles of white sand beaches, the city offers a plethora of cultural activities including museums, a performing arts center, several theatres and historic St. Augustine. Families will also enjoy the zoo, Greyhound racing and Adventure Landing Water Park.About Hyatt There are 212 hotels and resorts (over 90,000 rooms) in 43 countries around the world, operating under the HyattÒ, Hyatt RegencyÒ, Grand HyattÒ and Park HyattÒ brands. Currently, there are an additional 28 Hyatt hotels and resorts under development, including 10 new hotels in China. Hyatt Corporation (domestic U.S., Canada and Caribbean hotels) and Hyatt International Corporation (international properties) are subsidiaries of Chicago-based Global Hyatt Corporation. Global Hyatt Corporation is also the owner of Hyatt Vacation Club, Inc. (timeshare), Hyatt Equities, L.L.C. (hotel ownership), and U.S. Franchise Systems, Inc. (which franchises Hawthorn Suites, Microtel and Best Inns).
In January 2005, Global Hyatt Corporation also added an additional 143 U.S. properties to its growing portfolio with the acquisition of the upscale, limited service AmeriSuites hotel chain. These properties will be repositioned and renamed under a new Hyatt brand by early 2006. From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com.
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