SpringHill Suites by Marriott Jacksonville Airport
Recently Sold SpringHill Suites by Marriott Jacksonville Airport to Undergo Extensive Renovations
The sale of the 12-year-old, 104-room hotel at 13550 Airport Court was part of HTLHA's growing off-market practice and the fifth off-market Marriott-franchised hotel it has recently sold, according to a news release.
The unnamed buyer needed to quickly swap an investment property in order to complete a 1031 exchange (aka, like-kind exchange), the release states. Such deals are designed under Section 1031 of the Internal Revenue Code to allow proceeds from the sale of one property to be invested into another to effectively limit or avoid capital gains taxes.