JACKSONVILLE, FL— MHI Hospitality Corporation has entered into a contract to acquire the Hilton Jacksonville Riverfront in Jacksonville, FL for an aggregate price of $22 million. The Hilton Jacksonville is a 292-room property that overlooks the St. Johns River and includes two restaurants, 12,000 sf of meeting space, a fitness center and an outdoor pool. Additionally, an 80-foot charter boat, the Jacksonville Princess Yacht, is available for private and public cruises. The property will be managed by MHI Hotels Services LLC. The purchase price will be funded in part by an $18-million first mortgage loan. An affiliate of the seller, the AFL-CIO Building Investment Trust, has agreed to provide the mortgage financing subject to certain conditions. Following the acquisition, MHI will pursue a $3-million capital improvement program for the hotel.
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