Dallas REIT Buying Sea Turtle Inn for $23M

ATLANTIC BEACH, FL-Continuing its shopping spree in the Jacksonville, FL market, Dallas-based Ashford Hospitality Trust Inc. has signed a definitive agreement to buy the landmark Sea Turtle Inn from Huron Jacksonville LP for $23.1 million, or about $119,689 per room. The deal is expected to close later this month.

The acquisition follows Ashford’s November 2003 purchase of the 119-room, four-year-old Hilton Garden Inn and the 102-suite, three-year-old SpringHill Suites, both in Jacksonville. That acquisition was part of a four-hotel portfolio the REIT purchased from Noble Investment Group of Atlanta for $33.9 million, or about $86,132 per room, as GlobeSt.com previously reported.

In acquiring the 32-year-old, 193-room oceanfront Sea Turtle Inn, Ashford gains entry to one of the most desirable resort markets in the state and the only full-service hotel in the Atlantic Beach/Jacksonville Beach markets. The hotel is 14 miles east of Downtown Jacksonville and Interstate 95.