Virginia's Richmond Marriott West has new owner

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.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

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.


Suggested Articles

A new entity will combine a number of brands, including Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25h and 21c Museum Hotels.

Service Properties Trust, Host Hotels & Resorts, Caesars Entertainment and Vici Properties have completed multimillion-dollar hotel deals.

Serving as an attractive alternative to traditional financing arrangements, hotel sale-leasebacks may offer a solution for many businesses.