Jacksonville has long suffered from a lack — real and perceived — of hotel space, a deficiency that famously required cruise ships to fill the lodging gap during the 2005 Super Bowl and has put a chill on efforts to have a convention center.
It's also spurred efforts to build more hotel room, with the pace of activity hitting new highs, and brought new investors to the area.
With Jacksonville among the top five markets nationally in how well occupancy and revenue per room bounced back after the pandemic, investors have taken note, real estate brokerage Marcus & Millichap said in a report earlier this year: "Trading velocity reached a new high last year as out-of-state buyers established or grew their Jacksonville footprints," the firm said, with "the elevated level of investor competition pushed average pricing up 13 percent, the largest jump since 2016."
Read the full story from the Jacksonville Business Journal (for subscribers).