Sapna Premji's Northstar Hotels 4 LLC Acquires Residence Inn In Jacksonville For $8.3M

The property asset involved in the transaction is the 108-room Residence Inn located at 1310 Airport Road, Jacksonville. The hotel was sold for $8,300,000, reflecting a per-key price of $76,852. This hotel is positioned near Jacksonville Airport and is part of a back-to-back sale alongside another Marriott-branded property.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $8,300,000
• Buyer: Sapna Premji - Northstar Hotels 4 LLC
• Seller: Hospitality Investors Trust
• Keys: 108
• PPK: $76,852

In this transaction, Sapna Premji’s Northstar Hotels 4 LLC acquired the Residence Inn from Hospitality Investors Trust, just after purchasing a nearby Courtyard hotel for $6,810,000. This acquisition marks a strategic expansion of Northstar’s presence in Florida, particularly with both hotels being located within a mile of each other.