Listing Agents
Mike Schlictman
T | 803.920.4173
mikes@paramountlodging.com
Andrew Makhlouf
T | 312.610.9067
amakhlouf@paramountlodging.com
Mike Bou-Sliman with Naples Hotel Group FL 3174655
Detailed Information
Location
Property Highlights
- Fee-simple interest in the corporate owned and managed 73-room Extended Stay America (ESA) Jacksonville Lenoir Avenue South
- Available for individual sale, part of a South / Southeast ‘Sun-Belt’ 17-property portfolio available in the auction events ending on March 15th-16th
- Ability to purchase any combination of the 17-assets, affording buyers the opportunity to capitalize on strong regional operating economies of scale
- Strong in-place performance with trailing-24-month year-over-year average ADR gains of +40%
- Offered unencumbered of brand, debt, and management – with a variety of alternative brand options available for conversion
- Product type with fully equipped kitchens is ideal for potential residential conversion or alternative use pending zoning and municipality approval
- Situated within 3 miles of Ascension St. Vincent’s Southside Hospital, HCA Florida Memorial Hospital, Autobahn Indoor Speedway & Events, and Flight Adventure Park Jacksonville
- Ideally located within the Jacksonville MSA, proximate to all regional demand including Downtown Jacksonville, Atlantic Beach, the Southbank Riverwalk, Jacksonville International Airport, NFL TIAA Bank Field, 121 Financial Ballpark, and VyStar Veterans Memorial Arena
- Property is readily accessible via Interstate 95 with upwards of 130,000 vehicles passing the location daily
- Rare opportunity to purchase corporate owned ESA assets amidst their first public marketing of properties since the +$6B portfolio acquisition in June 2021
- Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
- Extended stay economy product has also vastly outperformed all other lodging sectors in recent years, with particularly robust growth amidst the COVID recovery
- High margin business model is ideally well positioned for any forward economic contraction given limited labor requirements with no sales department or food and beverage offering
- Jacksonville is the largest city in Florida, the 12th largest City in the US, and ranks as one of the top 6 metro areas in job growth
- Florida is the fastest-growing state in the U.S. and has been a primary benefactor of migration trends with business leaders seeking pro-business / lesser tax burdened markets and residents attracted to the sunbelt quality of life