CBRE Hotels is soliciting offers to acquire the fee-simple interest in the Corporate-Owned La Quinta Inns & Suites in Jacksonville, Florida. Located near Interstate 95 and Philips Highway, the hotel is in proximity to three of the city’s largest employment centers: Downtown Jacksonville, JAXPORT, and the Butler Corridor office submarket. Thanks to this central location, the La Quinta receives business from a diverse population of both business and leisure clientele.
Investment Highlights
- Corporate-Owned La Quinta Inns & Suites – Opportunity to acquire a corporate-owned, 131-room, six-story, La Quinta Inns & Suites that sits on 3.15 acres of land in Jacksonville, Florida, one of the fastest growing cities in the U.S.
- PIP Cap – Per Section O of the Wyndham Franchise Agreement, there is a favorable PIP cap in place that is transferable to the Buyer. Following this capped PIP, there is then a 6 year PIP holiday.
- Management Upside – The La Quinta will be delivered unencumbered of management. Due to the current operator’s national scale and substantial allocation for corporate overhead, this project presents significant potential upside for a more hands-on operator through more focused revenue management strategies and reduction in corporate allocated expenses.
- Minutes From Mayo Clinic - 1 of 3 Mayo Clinics in the nation is about 13 minutes away from the hotel. Mayo Clinic has the largest transplant program in the U.S. and is top-ranked for quality more often than any other health care organization. Mayo Clinic is also ranked the No. 1 hospital in Florida and the Jacksonville metro area in U.S. News & World Report’s “Best Hospitals” 2023-2024 rankings.
- Centralized Location – Located just off Interstate 95, the hotel provides convenient access to the city’s beaches, market-leading retail and the city’s major employment centers, including the corporate HQs of Citi, EY, Fidelity Investments, FIS, Mayo Clinic, and J&J Vision.
- Jacksonville Has Never Been More Desirable – ULI recently named Jacksonville one of five “Supernova” cities along with Austin, Raleigh, Nashville and Boise. These cities are expected to have “tremendous and sustained population and job growth” and “above-average levels of economic diversity and white-collar employment.” In addition, the city of Jacksonville saw in-migration of 49,774 net new residents in 2022, the highest level ever recorded. Assets located in this area are well positioned to benefit from this extraordinary growth.
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