Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Days Inn Baymeadows, a 105-room hotel located at 8255 Dix Ellis Trail in Jacksonville, Florida for $5,500,000.
“The buyer saw the opportunity in converting two hotels directly next to each other into Multifamily apartments. The process had its challenges, but we were able to navigate through it and close the deal. We are grateful to both the buyer and seller.”, said Ahmed Kabani, senior managing director. Kabani and Lucas Mondino, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Ravi Hotels LLC. An out-of-state buyer purchased the property, Jacksonville Portfolio Opportunity II LP LLC.
Built in 1982, the Days Inn Baymeadows features three two-story buildings on a 1.71-acre site. The hotel is conveniently located close to Saint Vincent Medical Center, EverBank Field, Jacksonville Beach, and the University of North Florida. It is also just 30 minutes from JAX Airport and provides easy access to I-95 and I-295. Hotel amenities include free Wi-Fi, an outdoor pool, laundry facilities, free breakfast, mobile check-in, and on-site parking.
The Jacksonville metro area is expected to welcome 105,800 new residents through 2024. The metro is home to three Fortune 500 companies, including Fidelity National Information Services, Fidelity National Financial, CSX, and the Jacksonville Port Authority (JAXPORT). This sale represents the 16th successful hotel transaction in 2022 for the Kabani Hotel Group, totaling over $132 million in sales.
