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New Castle Hotels & Resorts Acquires $41M Holiday Inn Resort Jekyll Island
New Castle Hotels & Resorts has acquired the Holiday Inn Resort Jekyll Island for $41 million subject to a land lease with Jekyll Island Authority, the state of GA’s managing entity. The total project cost, including planned improvements on the 158-room oceanfront property, is $48 million ($304,000 per room).
The seller is Georgia Coast Holdings LLC, and its affiliated operator NorthPointe Hospitality. Rich Lillis of Colliers arranged the off-market transaction on behalf of New Castle and pointed out that the property valuation and subsequent transaction are consistent with the trend of lodging investment capital flowing to coastal drive-to resorts at valuations exceeding pre-pandemic highs.
Holiday Inn Resort Jekyll Island is on seven acres of oceanfront property with a quarter mile of beachfront. Jekyll Island is located between Savannah and Jacksonville with 10 miles of beaches, four golf courses and an oceanfront convention center.
- ◦Sale/Acquisition
