Molinaro Koger (MK) announced that they have structured the sale of the Richmond Marriott Hotel to Apple REIT Seven, Inc., a Richmond-based investment company, on behalf of The Procaccianti Group. The 18-story, 401-room downtown convention center hotel has retained the Marriott flag and will be managed by White Lodging following the sale.
“As Richmond’s full-service hotel market leader, this asset attracted tremendous investor interest,” commented David Altobello, Vice President of MK, who marketed the asset and structured the transaction.
“The hotel is situated in the premier location in Richmond’s revitalized downtown area and is connected to the Greater Richmond Convention Center, a 700,000 square foot state-of-the-art facility,” remarked Mr. Altobello. “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.”
The acquirer, Apple REIT Seven, Inc., was formed in 2006 to invest in hotels, apartments and other real estate and is headed by Glade M. Knight. Mr. Knight has formed several similar real estate investment trusts throughout his career. The acquisition adds the Richmond Marriott Hotel to its growing portfolio of Marriott and Hilton properties. Although Apple REIT Seven invests in hotels throughout the Eastern seaboard, they now own the major full-service asset in their home market.
During the last 18 months MK has structured more than $5 billion in hotel real estate transactions worldwide.
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