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Crowne Plaza Jacksonville Riverfront
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Built: 1970
Acquired: 2005
Renovated: 1996/2002/2006
Rooms: 292
Meeting Space: 12,000 SF
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Opportunity:
Preferred location on South bank of St. John’s River, adjacent to downtown Jacksonville
Opportunity to convert from Hilton to Crowne Plaza, gaining a reduction in franchise fees and larger area of protection
Existing Ruth’s Chris Steakhouse among best in system, creating high traffic and positive attention to the hotel
Acquired in off-market transaction at significant discount to replacement cost
Value Added by MDH:
$3.0 million PIP renovation included: redesigned front entrance and exterior façade, FF&E replacement throughout all public space, meeting space and guest room areas
Crowne Plaza conversion completed in April 2006