JACKSONVILLE, FL—Jacksonville is seeing some hotel acquisition action this quarter. A 277-room Embassy Suites in the Baymeadows submarket just traded hands. Financial terms of the deal were not disclosed.

HREC Investment Advisors vice president Paul Sexton and COO and senior principal Scott Stephens exclusively represented the seller during the transaction. HREC has brokered two of the three highest valued hotel transactions in the greater Jacksonville market since the start of the Great Recession.

“RevPAR in the overall Jacksonville market was up 7.3% at yearend 2012, and up another 5.1% during the year-to-date August 2013 period,” says Sexton. “In this regard, the acquisition of the Embassy Suites was well-timed by the buyer, who will be able to capitalize on macroeconomic trends that are clearly strengthening.”