Transactions heat up in the South

Recent transactions include a joint venture between Timbers Company, Wheelock Street Capital and The Ronto Group with the acquisition of South Seas Island Resort in Florida and more.

Joint venture acquires South Seas Island Resort
Timbers Company, Wheelock Street Capital and The Ronto Group have jointly acquired South Seas Island Resort on Florida’s Gulf Coast on the island of Captiva. Wheelock Street Capital, a private investment firm, will provide the capital for this transaction. The Ronto Group will be partnering with Timbers for the development of the property.

Since its founding in 1946, the 330-acre resort and wildlife preserve and estuary has been a staple of Florida tourism, according to the companies. Occupying approximately one-third of the northern tip of the six-mile-long Captiva Island, the property has 434 accommodations, including hotel guestrooms and suites. Amenities include 20 swimming pools, beachfront golf, tennis, a full-service spa, waterfront dining options, children’s programs, watersports and boutique shopping.

DSH Hotel Advisors arranges sale of Comfort Suites in West Jacksonville, FL
DSH Hotel Advisors, a national hotel brokerage and advisory firm headquartered in Tampa, FL, revealed that Dennis Hopper, managing principal, and Randy Taylor, senior investment associate, recently closed on the Comfort Suites West Jacksonville in Florida for an undisclosed price. Hopper and Taylor represented the seller, Alpha Hospitality LLC, and the buyer, SD Hospitality LLC. The property had a list price of $6.7 million at the time of sale.

The Comfort Suites West Jacksonville is a 64-room, four-story, interior corridor hotel located directly off Interstate 295, close to Jacksonville International Airport. The hotel is well-positioned in a high-growth area within Jacksonville, according to DSH.

NewcrestImage sells Hyatt Place in Amarillo, TX
NewcrestImage has sold its 91-room, four-floor Hyatt Place in western Amarillo, TX, to an affiliate of KAMP Hotels LLC.  

Another affiliate of KAMP Hotels recently purchased a nearby property from NewcrestImage, the 90-room, four-floor Tru by Hilton, located immediately adjacent to the Hyatt Place.  KAMP Hotels also owns and operates the My Place Hotel about half a mile east of the Hyatt Place and Tru properties. 

NewcrestImage continues to operate two hotels in downtown Amarillo, a 107-room, 10-floor Courtyard by Marriott and a 226-room, six-floor Embassy Suites.