RICHMOND—Lingerfelt CommonWealth Partners has acquired the 242-room Richmond Marriott West hotel in Glen Allen, an affluent submarket in this area. The purchase price was not announced and has not been recorded yet.
CommonWealth Lodging, an affiliate of Lingerfelt CommonWealth Partners, has entered into a franchise agreement with Marriott to manage the hotel and oversee a renovation of its Greatroom lobby concept and guest rooms. The hotel will remain open during the construction, which will deliver in summer 2015, after starting in the fall.
The hotel is located within Innsbrook Corporate Center, mixed-use park in the city that consists of more than 8 million square feet of office and retail space and multi-family housing. Richmond Marriott West is the only full-service hotel in the office park. It key customers, not surprisingly, are corporates including Capital One, Markel, Altria, Wells Fargo and the University of Richmond.
Edward C. Denton, CommonWealth Lodging's EVP says the company hopes to collaborate with these customers in the renovation.
Lingerfelt CommonWealth Partners, which is also headquartered within the Innsbrook Corporate Center, owns approximately one-million square feet of office space.
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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.
