Chase Patel's Sage Development Group Acquires Jacksonville Beach & Jacksonville Hotels For $31.3M

The Hampton Inn in Jacksonville Beach, located at 1220 Marsh Landing Parkway, has been sold for $19.2 million. The buyer, Chase Patel of Sage Development Group, acquired the property from the Naples Hotel Group. The hotel features 221 keys and has a price per key of $141,629.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $19,200,000
• Address: 1220 Marsh Landing Parkway
• Market: Jacksonville Beach
• Buyer: Chase Patel - Sage Development Group
• Seller: Naples Hotel Group
• Keys: 221
• Price per Key: $141,629

In a separate transaction, the Holiday Inn Express & Suites in Jacksonville, located at 4791 Windsor Commons Court, was sold for $12.1 million. The buyer, also associated with Chase Patel of Sage Development Group, purchased the property from the Naples Hotel Group.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $12,100,000
• Address: 4791 Windsor Commons Court
• Market: Jacksonville
• Buyer: Chase Patel - Sage Development Group
• Seller: Naples Hotel Group

The combined sales of these two Jacksonville hotels amounted to a total of $31.3 million. Both deals involved buyer LLCs associated with Chase Patel and were facilitated by the Naples Hotel Group as the seller.