TMGOC Ventures and Willow Street Capital (WSC) have closed on the land site and construction financing for a new Extended Stay America Premier Suites hotel in Jacksonville, FL.
The 124-key property will be codeveloped with WSC on a two-acre site close to the Jacksonville International Airport. The site is positioned adjacent to the newly opened Jacksonville North VA Clinic and Domiciliary and near the River City Marketplace.
Once completed, the property will be managed by TMGOC partner Lexima Lodging.
“Extended stay hotels are best positioned to capture business growth due to their mix between traditional short-term hotel guests and residential guests,” said Glenn Alba, cofounder/managing partner, TMGOC.
The total project costs are expected to be just under $20 million. TMGOC expects an accelerated build-out of around 14 months.
“This property will be a great addition to the growing Jacksonville North area, next to the recently opened Jacksonville North VA Clinic, and minutes away from the recently expanded UF Health North Hospital and the soon-to-be-expanded Jacksonville Airport,” added Miguel Rivera, managing principal, Willow Street Capital.
The property marks the first ground-up, extended-stay development in the TMGOC portfolio and its second in Jacksonville. TMGOC owns the Aloft Jacksonville one mile away from the planned Extended Stay America Premier Suites.
