The Hyatt Place at 4401 S. Laburnum Ave. is is almost 100,000 square feet.
A foreclosed hotel near White Oak Village will soon have a new local owner.
Chester-based Shamin Hotels is under contract to acquire the Hyatt Place at 4401 S. Laburnum Ave. in Eastern Henrico. Should it close as expected this week, the deal will mark the company’s second big local acquisition this month.
The hotel, which is almost 100,000 square feet, went into foreclosure in May. It went back to the lender, Southern Bank & Trust, which is selling it to Shamin.
Jonathan Hauser, an attorney in Virginia Beach with Troutman Sanders who handled the foreclosure, confirmed that the hotel is under contract but would not disclose the purchase price.
Shamin has set up Oak LLC as the ownership entity for the property, according to county and state records.
The 151-room hotel had been part of the portfolio of Chesapeake-based LTD Hospitality Group. The foreclosure was initiated after Laburnum Hotel Partners LLC defaulted on a $16.6 million loan on the property.
The hotel was built in 2009 and sits on 3.2 acres near the Richmond International Airport. Laburnum Hotel Partners paid $2.36 million for it in 2008, according to Henrico County records. It was most recently assessed at $6.29 million.
Shamin spokesperson Sarah Garcia said the company has been managing the Hyatt Place property for about a month.
“It’s a great hotel, a great location,” she said.
Because it’s only about three years old, the company does not have any major renovations or upgrades planned for the hotel, Garcia said.
The Hyatt Place is the second LTD property in Richmond that Shamin has picked up.
In April 2012, the lender on the Aloft Hotel in West Broad Village filed suit against the LLC owner in attempt to recoup an unpaid $19 million loan.
Shamin eventually bought that property from the bank for $13.5 million.
Shamin’s spending spree continued last week when it closed on the purchase of the 237-room Holiday Inn Koger Center property just off Midlothian Turnpike. The company would not disclose the purchase price, and Chesterfield County records have not been updated.
The company now owns 37 hotels in three states, including more than two dozen across Richmond. They total almost 5,000 rooms.
Correction: A previous version of this story listed the Hyatt Place as having 127 rooms. It has 151.
The Hyatt Place at 4401 S. Laburnum Ave. is is almost 100,000 square feet.
A foreclosed hotel near White Oak Village will soon have a new local owner.
Chester-based Shamin Hotels is under contract to acquire the Hyatt Place at 4401 S. Laburnum Ave. in Eastern Henrico. Should it close as expected this week, the deal will mark the company’s second big local acquisition this month.
The hotel, which is almost 100,000 square feet, went into foreclosure in May. It went back to the lender, Southern Bank & Trust, which is selling it to Shamin.
Jonathan Hauser, an attorney in Virginia Beach with Troutman Sanders who handled the foreclosure, confirmed that the hotel is under contract but would not disclose the purchase price.
Shamin has set up Oak LLC as the ownership entity for the property, according to county and state records.
The 151-room hotel had been part of the portfolio of Chesapeake-based LTD Hospitality Group. The foreclosure was initiated after Laburnum Hotel Partners LLC defaulted on a $16.6 million loan on the property.
The hotel was built in 2009 and sits on 3.2 acres near the Richmond International Airport. Laburnum Hotel Partners paid $2.36 million for it in 2008, according to Henrico County records. It was most recently assessed at $6.29 million.
Shamin spokesperson Sarah Garcia said the company has been managing the Hyatt Place property for about a month.
“It’s a great hotel, a great location,” she said.
Because it’s only about three years old, the company does not have any major renovations or upgrades planned for the hotel, Garcia said.
The Hyatt Place is the second LTD property in Richmond that Shamin has picked up.
In April 2012, the lender on the Aloft Hotel in West Broad Village filed suit against the LLC owner in attempt to recoup an unpaid $19 million loan.
Shamin eventually bought that property from the bank for $13.5 million.
Shamin’s spending spree continued last week when it closed on the purchase of the 237-room Holiday Inn Koger Center property just off Midlothian Turnpike. The company would not disclose the purchase price, and Chesterfield County records have not been updated.
The company now owns 37 hotels in three states, including more than two dozen across Richmond. They total almost 5,000 rooms.
Correction: A previous version of this story listed the Hyatt Place as having 127 rooms. It has 151.