Lingerfelt CommonWealth Partners has acquired the 242-room Richmond Marriott West hotel in western Henrico County, reports the Richmond Times-Dispatch. A comprehensive, multimillion-dollar renovation of the 13-year-old property will follow, the company said. Terms of the deal were not disclosed.
The assessed value of the property at 4240 Dominion Blvd. as of Jan. 30 is listed at $19,990,500, according to the county’s Finance Department records, and as reported by the Times-Dispatch.
The seller was not identified, but county records tab the owner as Columbia Prop Rich Ltd., with a mailing address in Crestview Hills, Ky.
Lingerfelt CommonWealth Partners is a commercial real estate company that has built and acquired more than 15 million square feet of commercial real estate valued at more than $1.5 billion in the Mid-Atlantic and Southeast.
“We have tremendous confidence in the Marriott brand, in Richmond, and in the Innsbrook Corporate Center,” J. Ryan Lingerfelt, president and CIO, said in a statement Tuesday. “The Innsbrook area continues to solidify its position as one of the city’s best destinations for quality real estate and quality of life,” Lingerfelt said. “We are excited to expand our portfolio holdings in Richmond and, specifically, within the park.”
The hotel will remain open during the planned renovations, which are scheduled to begin in the fall and be completed by summer 2015.