The larger of Shamin’s two recent deals was for the Residence Inn near Innsbrook. (Mike Platania photos)
The area’s largest privately held hotelier is closing out the summer with a pair of deals on opposite sides of town.
Shamin Hotels recently purchased the Residence Inn hotel at 3940 Westerre Parkway near Short Pump as well as the Timmons Group-anchored office building at 1001 Boulders Parkway in Chesterfield in a pair of deals totaling nearly $12 million.
The Residence Inn deal was the larger of the two at $9.75 million. The Boulders office building went for $2.1 million.
Located just east of Innsbrook, the Residence Inn Richmond Northwest/Short Pump hotel dates back to the late 1990s and counts 104 rooms. Shamin CEO Neil Amin said the company is planning a full renovation of the four-story hotel.
“We have a big presence in that part of town. It was just a natural fit for our portfolio,” Amin said, noting that following the deal, Shamin’s portfolio has surpassed the 10,000 room mark. Shamin owns more than 75 hotels up and down the East Coast, with the majority of its rooms in the Richmond area.
The Residence Inn sale closed Sept. 6. The seller was an entity tied to Florida-based Chatham Lodging Trust. Henrico County most recently assessed the property at $7.9 million.
The Boulders office building is currently occupied primarily by Timmons Group.
Shamin’s deal for the 81,000-square-foot office building at 1001 Boulders Parkway closed a week earlier, on Aug. 30.
The property is set to lose its primary tenant next year when engineering firm Timmons Group relocates its headquarters to Springline at District 60, a mixed-use development a few miles to the south where Shamin itself is planning two hotels.
Shamin is currently headquartered downtown at the Richmond Times-Dispatch building, which it owns, but the company has been looking for a new location for its nerve center. Amin said the Boulders office won’t be a new Shamin HQ, but that didn’t keep it from pursuing it.
Neil Amin
“We’re excited about what the county has planned for that area and felt like it’s a great investment,” Amin said. “As part of our Shamin headquarters search, this was one that came up. It doesn’t fit our headquarters, but it was one that makes a lot of sense.”
Amin said the company is planning to finish out some existing shell space in the Boulders building and then do some cosmetic upgrades when Timmons moves out next year. Sweetening the deal was 7420 Beaufont Spring Drive, an adjacent, 3.75-acre plot that was included in the sale. Amin said they’d consider building on that lot in the future.
The county most recently assessed the two parcels at a combined $7.6 million. The seller was Raleigh-based Dominion Realty Partners.
Shamin is also working on a high-profile development near Scott’s Addition in the city, as it’s planning to build a 12-story, 299-room hotel where an empty Hardee’s building currently stands near the intersection of West Broad Street and Arthur Ashe Boulevard.
Amin said the company is hoping to break ground on that project sometime next year.
Very astute business man. These are valuable properties and probably both money makers.
Sorry but I smell a back door deal. Timmons and Shamin both benefiting from Chesterfield’s Springline; one buy the others old HQ right around the corner (and just off the soon to be connected Beaufont Springs Drive into the new development. I can almost see the district extending up the road and some tax incentive in a couple of months for a new HQ.
Please broker a deal for the property at the corner of Quioccasin and Ridge/Regency area. What an eyesore and crime den. Demolish it and start over.
With the development across the street at Regency and around that stretch of Parham, that plot of land would seem to be prime real-estate.
At bare minimum, why hasn’t UR snatched it up? Run a shuttle to and from campus for visitors, family, alum. Done and done.