August Group Ventures has received a $16 million loan to complete its acquisition of Jackson’s Hilton Hotel at 1001 County Line Road.
August Ventures is taking over the 276-room hotel as part of its April acquisition of the hotel’s previous owners, Lane Hotels.
The hotel will remain a Hilton, according to Adam Robinson, loan officer for American Real Estate Capital, a Coral Gables, Fla., firm that provided the $16 million. “Hilton will remain the flag for at least the next 15 years,” Robinson said in an interview Thursday.
The multi-story Hilton, built in 1985, is a full-service property that has 27,000 square feet of meeting space.
Robinson said some upgrades are likely for the hotel to keep it a “Class A” property. “They’ll put some additional money into hotel for the next couple years,” he said.