The Richmond Marriott also has 27,000 sf of flexible meetingspace and two signature restaurants. Additional amenities includethree concierge levels, an indoor pool and whirlpool, fitnesscenter, business center, wired and wireless high-speed internet.These attributes attracted a number of bidders for the asset,according to Molinaro Koger, which structured the sale on behalf ofthe seller.
"Potential purchasers were aware that this market positionprovides a strong defense against any future competition and werealso attracted to the hotel's strong RevPAR index and upsidepotential," says David Altobello, VP of MK. The hotel will retainMarriott flag and will be managed by White Lodging following thesale.
A venture headed by Glade Knight, whohas formed several hospitality REITs, Apple REIT Seven invests inhotels, apartments and other real estate. In particular, it has agrowing portfolio of Marriott and Hilton properties.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
