March 6, 2017
Lingerfelt CommonWealth Partners LLC parted with the 243-room Richmond Marriott Short Pump. The buyer, a partnership of regional investors, purchased the hotel for $38.5 million. Lingerfelt acquired the asset in 2014, and during its hold, invested more than $11 million in renovations. Commonwealth Lodging Management, Lingerfelt’s hotel management affiliate, will continue operating the Marriott under the new ownership.
The hotel, at 4240 Dominion Blvd. in Richmond, VA, opened in 2001. Lingerfelt acquired the asset through acquisition of a $31 million loan for $17.5 million. Lingerfelt then foreclosed on the borrower, took possession of the hotel, and completed the renovation in October 2015.
The new owners wanted cash flow from a stable investment, while the seller wanted a distressed property it could turnaround, and stabilize.
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