Lingerfelt CommonWealth Partners sells Marriott Short Pump for $38.5 million
Lingerfelt CommonWealth Partners LLC has sold the 243-room Richmond Marriott Short Pump for $38.5 million to a partnership of regional investors.
The Henrico Couunty-based commercial real estate investment firm announced the sale late Wednesday. Lingerfelt bought the property in 2014. Since then, the company has completed more than $11 million in renovations and repositioned the hotel for sale.
Commonwealth Lodging Management, the Lingerfelt’s hotel management affiliate, will continue to operate the Marriott under the new ownership.
Lingerfelt CommonWealth Partners has additional offices in Hampton Roads, Charlotte, Greensboro and Raleigh, N.C.; Greenville, S.C.; Jacksonville and Tampa, Fla, Nashville, Tenn.; and Reading, Pa.
Together with its predecessors in the private and public REIT sectors, the company said its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at about $2 billion in the mid-Atlantic and Southeast.