Jaguars owner Shad Khan’s investment group closes on sale of Lemon Bar, Seahorse Oceanfront Inn

Jacksonville Jaguars owner Shad Khan’s investment group has closed on the purchase of a beloved bar and hotel in Neptune Beach.


The purchase of the Seahorse Oceanfront Inn, Lemon Bar and “nearby properties,” was first announced in October. At that time, Iguana Investments Florida LLC’s said it would mark the group’s first Northeast Florida property investment “beyond the scope of downtown” Jacksonville and the Shipyards.

A release from the Jaguars said Thursday that, “Business will continue at both the Lemon Bar & Grille and the Seahorse Oceanfront Inn and Iguana has engaged Remington Hospitality, the manager of One Ocean and a nationally recognized leader in hotel management, to run the day-to-day operations going forward.”

[DOWNLOAD: Free Action News Jax app for alerts as news breaks]

The owners of the inn and bar, Kathy Cole, son Will and daughter Emma, first met with Iguana Investments in March 2022 about selling the property “to a party with the appropriate financial resources and commitment to ensuring a promising future for the popular Beaches Town Center destination.”

In October, Kathy Cole said the following of signing a letter of intent to sell the properties to Iguana:

“This is a bittersweet day for our family. We poured much of our heart and soul into the Seahorse Oceanfront Inn over the past many years, and we’ve certainly enjoyed the journey knowing the properties have meant so much to the Jacksonville community. Now it’s time to pass the torch, and we’re really happy to see these properties going into the right hands with Shad Khan and Iguana Investments. I have no doubt they will do the right thing for the viability and success of the property well into the future.”

Khan issued the following statement after the sale closed:

“The Lemon Bar and Seahorse Oceanfront Inn are local treasures that represent the best of the beach lifestyle that is synonymous with visiting and living in Neptune Beach and Northeast Florida. It is with great enthusiasm and respect that we take this torch from the Cole Family, and now look forward to serving the Neptune Beach community while playing a role in the continued growth of the Beaches Town Center for many years to come.”

[SIGN UP: Action News Jax Daily Headlines Newsletter]

The release said that while plans for the property are still in development, Iguana envisions that it will be consistent with what exists today – a boutique beach hotel, restaurant, parking, and other public amenities.

Future resort amenities may include a spa, beach club, fitness center, restaurant, improved Lemon Bar, parking, and retail space, the release said.

Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.