RobertDouglas represented Ashford Hospitality Trust Inc. in the sale of the 193-room One Ocean Resort & Spa in Atlantic Beach, FL, to a joint venture between Aspect Real Estate, Corner Lot Development and Sage investments. The sale price was $87 million.
The property offers direct beach access, ocean views from every guestroom and a spa facility. About 16 miles east of downtown Jacksonville in the upscale Atlantic Beach market, the hotel also offers 10,000 sq. ft. of meeting space, an outdoor pool overlooking the ocean and a restaurant.
“This is an iconic, institutional-quality asset with an irreplaceable oceanfront setting in the heart of the Jacksonville beaches,” said Andy Broad, managing director, RobertDouglas. “The resort’s features and location made for a highly competitive sales process, demonstrating the continuing strength of prime resort properties in markets like Jacksonville, where a vibrant, growing economy creates complementary demand drivers.”
Douglas Hercher, principal/managing director, RobertDouglas, added, “We are delighted to have been able to work in close partnership with Ashford to conclude this sale to a strong investment group. This transaction highlights Ashford’s commitment to its portfolio management strategy, and the company’s willingness to harvest gains on strong investments.”
