The 194-room, dual-branded Clarion & Comfort Inn Fredericksburg Convention Center was sold for $9 million, or $46,392 per key, in a deal brokered by Kabani Hotel Group. Other terms and conditions were not disclosed.
The Virginia property had been closed and was mid-renovation when it was marketed by an out of state seller. Situated on approximately 8 acres with I-95 visibility, the hotel sits between Washington, D.C. and Richmond, Va.—one of the Mid-Atlantic's most heavily traveled corridors. The undisclosed buyer plans to complete the remaining renovation and reposition the property under a new Choice Hotels brand.
The deal was spearheaded by partners Suraj Dalal and Elijah Laguna, as well as Kabani CEO and Founder Ahmed Kabani, and moved through an open marketing process that drew multiple Letters of Intent within weeks, according to the Miami, Fla.-based brokerage firm.
“Transactions involving partially completed renovations require a significant amount of coordination beyond a traditional hotel sale,” Dalal said in a statement. “With the seller located out of state, our team worked closely with both parties to identify what work had been completed, determine what remained, and stay hands-on through closing.”