Lingerfelt CommonWealth Partners acquires Richmond Marriott West
- June 10, 2014
Lingerfelt CommonWealth Partners announced the acquisition Tuesday of the 242-room Richmond Marriott West for an undisclosed price. The hotel is located within Innsbrook Corporate Center in Henrico County.
The Henrico-based company said one of its affiliates, Commonwealth Lodging, has entered into a franchise agreement with Marriott International to manage the hotel and oversee a multi-million dollar renovation. New features will include Marriott’s great room lobby concept and updated guest rooms. The hotel will remain open during the renovations, scheduled to begin in the fall and be complete by summer 2015.
The Richmond Marriott West hotel is the only full-service hotel in the 8 million square-foot, mixed-use office park, located off West Broad Street. It attracts business and leisure travelers, conferences, sports teams, weddings and social events.
CommonWealth Lodging said it welcomes input on the scope of the renovation from key corporate customers including Capital One, Markel and Altria, among others.
Edward C. Denton, the firm’s executive vice president, said in a statement, “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. “
Lingerfelt CommonWealth Partners, a real estate company, has its headquarters within the Innsbrook Corporate Center, one block from Richmond Marriott West. The company has a portfolio of 15 million square feet of commercial real estate, with its affiliates owning about 1 million square feet of office space in close proximity to the hotel.
J. Ryan Lingerfelt, president and chief investment officer, said, “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.”