Florida Aloft Is Acquired, Argentina Sheraton Is Sold

INTERNATIONAL REPORT—Hotel Business is tracking industry transactions. Here’s a closer look:

Aloft Hotel Jacksonville Airport

Gehr Hospitality, a division of The Gehr Group, acquired the Aloft Hotel Jacksonville Airport, located three miles from the Jacksonville International Airport and 15 miles north of downtown Jacksonville, FL.

The acquisition was financed by BMO Harris Bank. McKibbon Hospitality will manage the hotel on behalf of Gehr Hospitality. Thuong Luong and Molly Caccamo of Gehr Hospitality led the transaction.

“We like the Jacksonville lodging market, with its rapidly improving local economy, strong employment market and robust port trade,” said David Lifschitz, president and CEO of The Gehr Group. “We are also excited to add the Aloft brand to our hotel portfolio.”

“We plan to invest additional funds in updating the guestrooms and the public areas,” added Thuong Luong, chief investment officer for Gehr Hospitality. “This will position the hotel as the most recently renovated property in its submarket.”

Sheraton Buenos Aires Hotel & Convention Center and Park Tower

JLL arranged the sale of the Sheraton Buenos Aires Hotel & Convention Center and Park Tower, A Luxury Collection Hotel, on behalf of Marriott International. Investment funds managed by PointState Argentum LLC purchased both hotels, located in Buenos Aires, Argentina, for approximately $100 million. This sale represents the largest hotel transaction in Argentina to date.

Following the acquisition, the new owner plans to completely renovate both properties.

Managing Director Gregory Rumpel and VP Carolina Lacerda led the JLL team on the transaction, with local support from SVP Santiago Berraondo.

“This offering gave investors a rare opportunity to acquire 920 hotel rooms in one of the largest cosmopolitan cities in Latin America,” said Lacerda. “Given the positive economic outlook for Buenos Aires and myriad demand drivers, both properties are well positioned for future growth.”