A 221-room dual-brand hotel in Jacksonville has recently secured $25 million for renovations. The financing was arranged by a team from Berkadia Hotels & Hospitality and the eight-story property is home to both a Hilton Garden Inn and Homewood Suites.
Berkadia successfully obtained the refinancing on behalf of Excel Group, a private equity firm specializing in hotels. The five-year loan, totaling $25.6 million, will allow Excel to continue improving the property’s performance through operational efficiencies. According to Berkadia, since acquiring the hotel in 2021, Excel has made significant improvements resulting in strong occupancy rates and revenue per available room compared to local competitors.
The newly acquired funds will be used towards further enhancing guest experience by investing into room upgrades and interior furnishings at 1201 Kings Ave., where guests can enjoy amenities such as an on-site restaurant with room service options, meeting rooms for business needs or events , an outdoor pool perfect for relaxation after work hours ,and fitness center facilities.
This Jacksonville hotel is set for major renovations worth $25 million thanks to recent funding secured by Berkadia Hotels & Hospitality team . Owned by private equity firm Excel Group , this eight-story establishment houses both Hilton Garden Inn-Homewood Suites brands .
Excel Group received a five-year refi loan worth $25 .6million facilitated through Berkhadias efforts . Since its acquisition backin2021,thehotelhaswitnessedimprovementsinperformance duetothecompanysoperationalstrategies.Berkadiamentions thatthehotelsoccupancy,dailyrate,andrevenueperavailableroom haveoutperformedlocalcompetitors.Thisnewloanwillallowthemto investadditionalcapitalintotherenovationofroomsandinteriorfurnishings,resultinginanenhancedguestexperience .
Situatedat1201KingsAve,thisdual-brandpropertyoffersanarrayofamenitiessuchasanon-siterestaurant,roomservice,meetingrooms,outdoorpool,andfitnesscenter.
