Lingerfelt CommonWealth Partners Acquires Richmond Marriott West
Press Release | Jun 11, 2014
Richmond, Virginia – Lingerfelt CommonWealth Partners today announced the acquisition of the 242-room Richmond Marriott West hotel in Glen Allen, an affluent suburb west of Richmond, Virginia.
The Richmond Marriott West hotel is located within Innsbrook Corporate Center, Richmond’s premier mixed-use park with 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, hosting business travelers, conferences, leisure travelers and visiting sports teams as well as upscale weddings and social events.
CommonWealth Lodging, an affiliate of Lingerfelt CommonWealth Partners, has entered into a franchise agreement with Marriott International (NASDAQ: MAR) to manage the full-service hotel and oversee a comprehensive, multi-million dollar renovation. New features will include Marriott’s Greatroom lobby concept and reinvented guest rooms. The hotel will remain open during the planned renovations, which are scheduled to begin in the fall and be complete by summer 2015.
The executive team at CommonWealth Lodging™ will welcome input on the scope of the renovation from key customers of Richmond Marriott West including Capital One, Markel, Altria, Wells Fargo and the University of Richmond, among others.
Edward C. Denton, CommonWealth Lodging’s Executive Vice President, noted, “We deeply value the longstanding customer relationships from which Richmond Marriott West has benefited over the years. We hope to honor those key relationships by offering the opportunity for collaboration as we fine-tune our renovation plans to re-invent the Marriott hotel. Upon completion, it will undoubtedly be the most modern and desirable hotel for hosting travelers to the Richmond area.”
Lingerfelt CommonWealth Partners is headquartered within the Innsbrook Corporate Center, just one block from the Richmond Marriott West. The company and its affiliates own approximately 1,000,000 square feet of office space in close proximity to the hotel.
J. Ryan Lingerfelt, President and Chief Investment Officer, comments, “We have tremendous confidence in the Marriott brand, in Richmond, and in the Innsbrook Corporate Center. The Innsbrook area continues to solidify its position as one of the city’s best destinations for quality real estate and quality of life. We are excited to expand our portfolio holdings in Richmond and, specifically, within the park.”
Timothy J. Stiffler, CommonWealth Lodging’s President commented, “We are very excited to once again be partnering with Marriott. We look forward to working with our associates to deliver a uniquely accommodating experience for our guests in a completely renovated hotel that is designed for today’s travelers.”
About Lingerfelt CommonWealth Partners
Lingerfelt CommonWealth Partners, headquartered in Richmond, Virginia, is a quality full-service, self-administered and self-managed real estate company with a demonstrated history of successful real estate acquisition and development. Spanning three generations and more than 57 years in the real estate business, the company has built and acquired in excess of 15 million square-feet of commercial real estate valued at over $1.5 billion. Property types include: medical and professional offices, industrial and distribution facilities, data and call centers, elderly housing and nursing homes throughout the Mid-Atlantic and Southeast, primarily in Virginia, North Carolina, South Carolina, Tennessee and Maryland.
The company has earned a reputation for quality acquisition, development, and institutional asset management, providing exceptional service to major corporate tenants, Fortune 500 companies and government agencies throughout its history. More on the company can be found on the web at www.LingerfeltCo.com.
About CommonWealth Lodging Management
CommonWealth Lodging™ is a Virginia Beach, Virginia based hospitality management and consulting firm offering hotel management services to institutional owners and lenders. The firm’s principals have significant experience in the management of nationally franchised hotel assets with a strong background in hotel operations, franchise relations, lodging development and hotel finance. Since inception in 2009 (formerly known as Afton Hospitality), the company and its affiliates have managed more than 20 hotels from Virginia to Georgia, including independent hotels and franchise locations for Marriott International, Choice Hotels, and Wyndham Hotel Group brands. CommonWealth Lodging Management, LLC is a division of CommonWealth Commercial Partners, LLC, a full service, vertically integrated commercial real estate firm based in Richmond, Virginia. Visit www.CommonWealthLodging.com for more information.
About Marriott Hotels
With more than 500 hotels and resorts in nearly 50 countries around the world, Marriott Hotels is evolving travel through every aspect of the guest’s stay, enabling the next generation to Travel Brilliantly. Boldly transforming itself for mobile and global travelers who blend work and play, Marriott leads the industry with innovations, including the Greatroom, Future of Meetings and Mobile Guest Services that elevates style & design and technology. All Marriott hotels participate in the award-winning Marriott Rewards frequent travel program that allows members to earn hotel points or airline miles for every dollar spent during each stay. For more information, visit www.MarriottHotels.com. To join the ongoing Marriott conversation, like us on Facebook (Facebook.com/Marriott) and follow us on Twitter (Twitter.com/Marriott, @Marriott).
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