|Jacksonville, Florida's Largest Meeting and Convention Facility Reflagged Hyatt Regency Jacksonville Riverfront -- $10 Million Renovation Underway|
Hyatt Hotels & Resorts announced today that it has assumed management of Adam's Mark Jacksonville, renaming it Hyatt Regency Jacksonville Riverfront. The 966-room hotel was purchased by Jacksonville Waterfront Partners, LLC - a joint venture between Oxford Lodging Advisory & Investment Group, LLC and Longwing Real Estate Ventures, LLC, a member of the Dubai Investment Group - from HBE Corporation.
Located in the heart of the downtown business district and directly on the waterfront of St. Johns River, the hotel offers the largest ballroom and collection of meeting rooms in Northeast Florida. Within walking distance of the Jacksonville Landing, The Jacksonville Center for Performing Arts, Florida Theatre and just a mile from ALLTEL Stadium, the hotel is in an ideal location for both business and leisure travelers. Golf courses, shopping and beaches are just a water taxi ride away.
A $10 million guestroom renovation will begin immediately and is due for completion by early 2006. All newly refurbished guestrooms and public space will include such Hyatt amenities as the Grand Bed, featuring a Sealy Posturepedic 720 Series pillowtop mattress, 21 oz. down blankets, 250-thread-count triple sheeting, and lush down feather pillows; self-serve automated check-in kiosks; and high-speed internet access throughout the hotel.
"Hyatt's experience in the upper upscale lodging segment, as well as their vast collection of large convention and group hotels will ensure Hyatt Regency Jacksonville Riverfront will be the premier group meeting destination in Northeast Florida," said Robert D. Kline, President of Oxford Lodging Advisory & Investment Group, LLC.
Hyatt Regency Jacksonville Riverfront will be Hyatt's 12th property in Florida, joining other properties in Bonita Springs, Coral Gables, Ft. Lauderdale, Key West, Miami, Orlando, Sarasota and Tampa.
"We and our partners at Oxford Lodging are patient and disciplined investors," said Vincent Pica, CEO of Longwing. "Working together for over a year, we sought a quality hotel that was situated on the water, had a large convention capability and was a member of a community with strong, positive momentum. Jacksonville and this property met our goals and we were delighted to be able to move decisively together to acquire it."
Steve Goldman, executive vice president of development and acquisitions for Global Hyatt, added, "Jacksonville is a key Florida convention market and continues to grow at a rapid pace. This hotel is in a superb destination and a welcome addition to Hyatt's portfolio."
A primary second-tier city meeting location, Hyatt Regency Jacksonville Riverfront offers meeting planners an impressive 110,000 square feet of meeting space, including a 27,100 square foot grand ballroom and 30 individual meeting rooms, accommodating up to 4,300 attendees.
Hyatt Regency Jacksonville Riverfront also offers a full-sized outdoor pool and sun deck, sauna, fitness center and business center. Guests can enjoy four dining venues including Bravo! Ristorante, offering authentic Italian cuisine and entertainment nightly; a lobby restaurant for casual dining and Sunday brunch; sports bar with big screen TVs and appetizers, and lobby bar.
Just 18 miles from Jacksonville International Airport, downtown Jacksonville is a leading Florida destination. In addition to world-class golf and 20 miles of white sand beaches, the city offers a plethora of cultural activities including museums, a performing arts center, several theatres and historic St. Augustine. Families will also enjoy the zoo, Greyhound racing and Adventure Landing Water Park.
There are 212 hotels and resorts (over 90,000 rooms) in 43 countries around the world, operating under the Hyatt(R), Hyatt Regency(R), Grand Hyatt(R) and Park Hyatt(R) brands. Currently, there are an additional 28 Hyatt hotels and resorts under development, including 10 new hotels in China. Hyatt Corporation (domestic U.S., Canada and Caribbean hotels) and Hyatt International Corporation (international properties) are subsidiaries of Chicago-based Global Hyatt Corporation. Global Hyatt Corporation is also the owner of Hyatt Vacation Club, Inc. (timeshare), Hyatt Equities, L.L.C. (hotel ownership), and U.S. Franchise Systems, Inc. (which franchises Hawthorn Suites, Microtel and Best Inns).
In January 2005, Global Hyatt Corporation also added an additional 143 U.S. properties to its growing portfolio with the acquisition of the upscale, limited service AmeriSuites hotel chain. These properties will be repositioned and renamed under a new Hyatt brand by early 2006.
From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com.
About Oxford Lodging Advisory & Investment Group, LLC
Oxford Lodging Advisory & Investment Group, LLC is an advisory and investment firm focused on the investment, asset management, property management and renovation of high-quality lodging assets. Oxford Lodging's principals have been responsible for over $4 billion of lodging investments and have asset managed over 100 upscale and luxury hotels, resorts and conference centers. The firm is currently responsible for a $1.6 billion, 6,948-room portfolio of luxury and upscale hotels, conference centers and resorts located throughout the United States and Japan. Oxford Lodging's principals and employees are direct investors in 75% of this portfolio. Oxford Lodging is headquartered in San Francisco, with offices in New York, Los Angeles, Chicago and Tokyo. For more information on Oxford Lodging, please visit www.oxfordlodging.com.
About Longwing Real Estate Ventures, LLC
Longwing Real Estate Ventures, LLC, a member of the Dubai Investment Group, is a New York-based private real estate investment company established to make investments across industries and market segments in North America. The Longwing team has made, since its establishment in early 2003, well over a dozen such investments totaling nearly $1 billion in real estate assets across a wide variety of market segments. Longwing's Chief Executive is Vincent T. Pica, II, a 30-year veteran of the financial services industry and whose most recent corporate role was the Group President of Capital Finance at Prudential Securities. Longwing's President is Richard Schoninger, a +20-year veteran of the financial services industry and who ran Real Estate Investment Banking, among many significant roles, at Prudential Securities. Longwing brings a strong and mobile capital base to situations that can deliver competitively superior returns through the application of strategic management and the decisive use of capital. Through long-term relationships with Local Operating Partners, Longwing Real Estate Ventures focuses on leveraging its equity and the equity of its partners through the intelligent use of creative structures and value-added ideas. For additional information on Longwing, its employees and investment history, please visit Longwing's website at www.Longwing.us.