American Realty Capital buys Virginia Hyatt Place for $9.1M

A hotel in Glen Allen, Va., was recently acquired by a New York-based REIT as part of a portfolio transaction.

The Hyatt Place Richmond Innsbrook hotel at 4100 Cox Road was purchased by American Realty Capital Hospitality Trust for $9.1 million. The deal was part of the company’s $1.8-billion purchase of the Equity Inns Lodging Portfolio.

The 124-room hotel was previously owned by affiliates of the Whitehall Real Estate Funds, which was sponsored by Goldman Sachs.

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The Equity Inns Lodging Portfolio consists of 116 hotels totaling 13,744 rooms in 31 states, according to a news release.

The company also has joint-venture interests in two other Virginia hotels, one in Blacksburg and another in Virginia Beach.

The Hyatt Place hotel will undergo renovations within the next 12 months in order to keep up with hotel brand requirements. The Hyatt had been part of the Equity Inns portfolio since 1997. The five-story building sits on 3 acres in Innsbrook.

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During the first three weeks of June, new Tru by Hiltons opened in Pennsylvania, Texas, Oklahoma and Idaho.

The hotel is set in an original Art Nouveau building from the 19th century.

The combined company, which will retain the Caesars name, will comprise 60 properties and more than 50,000 guestrooms.