Sage Hospitality Group has grown its independent hotel portfolio with the addition of One Ocean Resort & Spa. Sage Investments has entered into a JV agreement with Aspect Real Estate Group, Corner Lot and Kelco Management and Development to close on the Florida resort.
The acquisition marks Sage’s entry into Florida.
Located along the Atlantic Beach, Fla., the One Ocean Resort & Spa is spread across more than 3 acres of oceanfront real estate in northeast Florida. Formerly known as the Sea Turtle Inn, the resort benefits from its location in Jacksonville Beaches, one of the fastest growing markets in the U.S.
The resort was sold by Ashford Hospitality Trust in June for $87 million ($451,000 per key). The sale closed later that month. In a release, the real estate investment trust said all proceeds from the property’s sale will be used towards debt reduction and general corporate purposes.
Sitting between Amelia Island, Ponte Vedra and St. Augustine, the luxury resort features 193 rooms, with custom-designed beds. Most rooms include private balconies and water views. The Spa at One Ocean offers a range of marine-inspired treatments.
Sage has planned extensive renovations to the property, which includes upgrades to all guest-facing spaces and a repositioning planned in 2025. The repositioning will be helmed by Sage Studio, the company’s interior design vertical.
“Growing our portfolio of independent, luxury and lifestyle hotels is one of our primary strategic objectives in our quest to become America’s favorite lifestyle hospitality company, and One Ocean Resort & Spa is a noteworthy new addition as our first acquisition in Florida,” said Daniel del Olmo, president of Sage Hospitality Group. “We see enormous potential in this market and are committed to thoughtfully elevating the property through a significant renovation in 2025.
As part of the agreement, Sage will oversee operations of the resort, spa and Azurea, the signature fine-dining restaurant. Sage Restaurant Concepts will be in charge of the resort’s food and beverage operations, including Azurea as well as the lobby coffee and wine bar, poolside dining, in-room dining and events.
One Ocean Resort offers more than 10,000 square feet of event space, which includes outdoor spaces.
