Richmond Marriott Short Pump
Realized The Richmond Marriott West is a 242-room, full-service hotel located at Innsbrook Corporate Center in Henrico County, VA. Built in 2001, the hotel is a 6-story structure with 7,100 SF of meeting space, a full-service restaurant, pool, and fitness facility. LCP initially purchased the loan secured by the fee simple interest in the asset, subsequently taking fee simple ownership of the property through a deed in lieu of foreclosure. LCP executed a Property Improvement Plan (“PIP”), recapitalized with new debt, and took over as the owner-operator of the hotel, ultimately exiting the investment via recapitalization in March of 2017.
Investment Info
- Status: Realized
- Market: Richmond, VA
- Property Type:
Hotel - Room Count: 242
- Lingerfelt Role: General Partner
- Strategy: Acquisition
- Sub-Strategy: Renovation, Hotel PIP
Investment Metrics
- Entry Date: January 22, 2014
- Purchase Price: $17,500,000
- Total Capitalization: $28,600,000
- Exit Date: March 01, 2017
- Exit Price: $38,500,000
- Hold Period: 3.1 Years
