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RICHMOND, VA-The Procaccianti Group has sold an 18-story, 401-room Marriott hotel to Apple REIT Seven for $53 million. The hotel, located in the city’s downtown, is connected to the Greater Richmond Convention Center, a 700,000-sf facility.

The Richmond Marriott also has 27,000 sf of flexible meeting space and two signature restaurants. Additional amenities include three concierge levels, an indoor pool and whirlpool, fitness center, 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 of the seller.

“Potential purchasers were aware that this market position provides a strong defense against any future competition and were also attracted to the hotel’s strong RevPAR index and upside potential,” says David Altobello, VP of MK. The hotel will retain Marriott flag and will be managed by White Lodging following the sale.

A venture headed by Glade Knight, who has formed several hospitality REITs, Apple REIT Seven invests in hotels, apartments and other real estate. In particular, it has a growing portfolio of Marriott and Hilton properties.

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