January 22, 2019
Virginia-based Palmer Gosnell Hospitality, LLC, and the affiliated asset ownership entity Inns of Historic Fredericksburg, divested the Courtyard by Marriott Fredericksburg, VA. Berkadia Hotels & Hospitality group’s Kyle Stevenson and Matthew Bailly arranged the $18.8 million sale. Berkadia’s Adrienne Kautzman arranged $12 million financing on behalf of Utah-based buyer, Venture Hospitality Holdings, LLC.
“With a strong tourism industry and its proximity to the Northern Virginia suburbs, Fredericksburg is an attractive destination for a diverse cross-section of travelers,” said Kautzman. “Venture recognized the opportunity this property presented, and we expect it will continue to drive value well into the future.”
The newly-renovated hotel property is located at 620 Caroline St., in the heart of Fredericksburg’s Historic district near the Fredericksburg and Spotsylvania National Military Park, University of Mary Washington, Fredericksburg Center for the Creative Arts and Children’s Museum of Richmond.
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