An Econo Lodge hotel in Richmond, Va., was purchased for $4 million.
Mike Patel bought the 132,000-square-foot hotel at 5203 Williamsburg Road in Henrico County, which was rebranded from Quality Inn in January.
The 226-room hotel is located on about 4.7 acres of land and was built in 1973. The property is updating all of its guestrooms with new furniture and fixtures, as well as wallpaper. The parking lot will also be repainted.
The remodeling is expected to cost about $600,000. Patel secured financing with Woori America Bank.