Lingerfelt CommonWealth Partners Acquires Richmond Marriott West
Affiliate CommonWealth Lodging™ will Manage the Hotel and Oversee Major Renovation
– 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.
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 re-invented 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 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.
The executive team at CommonWealth Lodging™ will welcome input on the scope of therenovation 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, "Wedeeply 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 CorporateCenter, 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 havetremendous 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 veryexcited 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
Thecompany 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 LodgingManagement
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
Visit MarriottInternational, Inc. (NASDAQ: MAR) for company information. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.
Edward C. Denton