Jacksonville, FL Helps a Sturdy Lodge Improvement Pipeline Regardless of Financial Uncertainty

Whereas many U.S. markets have skilled a slowdown in lodge growth amid rising building prices, growing financing prices, and basic uncertainty, the higher Jacksonville market space has continued to help a sturdy lodge growth pipeline. Components contributing to this progress embrace ongoing infrastructure initiatives available in the market, such because the JAXPORT dredging challenge and Interstate 295 growth; the continued work of the Jacksonville Downtown Funding Authority (DIA) to broaden town’s enchantment as a global enterprise vacation spot; and the provision of land appropriate for growth.

Thus, opposite to different massive U.S. markets, Jacksonville didn’t expertise a slowdown of latest provide within the post-pandemic interval, with over 9% of Duval County’s roughly 20,000 guestrooms being added from January 2021 by way of June 2024. The next properties characterize some of the market’s most noteworthy additions throughout that interval:

Notable Current New Provide

Sources: Respective Lodge Web sites

New lodge building stays robust available in the market, and a pair of,000 guestrooms are estimated to be below building or within the early growth part all through the market. Whereas plenty of lodge and mixed-use initiatives are anticipated within the upcoming years, these three massive, high-end initiatives spotlight the financial power of Duval County:

• Building on the $70-million Hilton Jacksonville Mayo Clinic has begun, with the lodge anticipated to characteristic a number of accessibility and common design options geared towards accommodating the clinic’s sufferers and their households. The 252-room lodge can even characteristic a restaurant, occasion areas, and an out of doors terrace and pool oasis. It’s anticipated to open in early 2025.
• RiversEdge, a collaborative challenge with the DIA and the property homeowners, is a mixed-use growth slated for the south financial institution of the St. Johns River. The over-30-acre website is predicted to characteristic 4 public parks, apartment items, multi-family items, workplace house, retail house, a 125-slip marina, and a boutique lodge. The challenge is predicted to develop the metropolis’s present Southbank Riverwalk.
• Building allowing has been authorised for the $215-million 4 Seasons Lodge and Residences challenge close to EverBank Stadium, the downtown dwelling of the Jacksonville Jaguars NFL workforce. The challenge, led by the Jaguars proprietor, will characteristic 170 lodge guestrooms and 26 residential items, along with a spa, eating places, bars, swimming pools, and different facilities. The lodge represents the primary ultra-luxury challenge within the Jacksonville market and is predicted to open in early 2027.

Moreover, in gentle of rising prices, repositioning and rebranding alternatives for older motels and present buildings characterize a viable various to new building. A number of renovation and repositioning initiatives have been accomplished or are actively underway within the higher Jacksonville market:

• The previous Omni Jacksonville transformed to the Marriott Jacksonville Downtown on the finish of August 2021. A complete renovation of the lodge is presently within the strategy planning stage, with updates anticipated all through this 12 months and into 2025.
• Previously a Finest Western Premier, the Delta Inns by Marriott Jacksonville Deerwood reopened in March 2024 following a $6-million renovation. The rebranded lodge options 166 refurbished guestrooms and suites, an up to date espresso store, restaurant and occasion areas, and a brand new health middle.
• The previous Ambassador Lodge, a long-vacant historic constructing in Downtown Jacksonville, was bought in 2018 and is predicted to be transformed to a 120-room lodge with a nationally acknowledged model. Whereas a timeline has but to be finalized, different enhancements are anticipated to embrace flats and a parking storage.
• The Southbank Lodge Jacksonville Riverwalk is presently below renovation and is predicted to be rebranded as a Delta Inns by Marriott by early 2026. The over-$8-million renovation is predicted to deal with updates to the guestrooms and suites, the addition of an unique Delta Pantry for Marriott Bonvoy Elite members, the addition of a grab-and-go market and low counter, and an growth of the health middle.

Our positioning inside native markets empowers us to conduct major interviews with key market members. This method ensures we get hold of real-time insights and present knowledge for every market we function in. For extra details about the Jacksonville market or for assist making knowledgeable funding choices that align together with your targets and danger tolerance, please contact Hannah McManus, your native HVS Florida hospitality skilled, by way of LinkedIn or e mail.

Picture Sources:

Margaritaville Seaside Lodge Jacksonville Seaside
Residence Inn by Marriott Jacksonville-Mayo Clinic Space
SpringHill Suites by Marriott Jacksonville Baymeadows
AC Lodge by Marriott Jacksonville St. Johns City Heart
TownePlace Suites by Marriott Jacksonville Airport

About Hannah McManus

Hannah, a Director with HVS Consulting & Valuation, leads the Saint Petersburg, Florida workplace. Hannah collaborates on and gives considerate insights for initiatives together with lodge value determinations, market research, portfolio valuations, and feasibility research for proposed motels, resorts, and mixed-use hospitality belongings. An extended-time resident of the West Coast Florida area, she affords experience in leisure-driven and coastal Florida markets with a profound understanding of Florida belongings. Hannah’s expertise extends past Florida throughout a wide range of markets within the Southeast and New England, together with engagements within the higher New York Metropolis market. Contact Hannah at (410) 967-8879 or hmcmanus@hvs.com. Join with Hannah on LinkedIn