The Comfort Inn at 5240 Airport Lane. (Photo by Burl Rolett).
A Delaware-based firm has taken over a foreclosed Richmond airport hotel more than a year after local ownership moved out.
SSN Hotel Management purchased the 61-room Comfort Inn on Airport Square Lane last week for $800,000 at auction. The company previously bought the loan on the property from a lender and was the only bidder at the onsite foreclosure sale.
The previous owner was Chester-based Shamin Hotels, which gave control of the hotel back to its lender about a year ago because the property was underperforming.
Shamin, one of the area’s largest hotel owners, built the Comfort Inn in 1997. It took out a $2.6 million mortgage on the two-story, 25,484-square-foot property in December 2005.
It was a nonrecourse loan, leaving the lender unable to come after any of Shamin’s assets aside from the Comfort Inn offered as collateral.
Shamin Head executive Neil Amin told BizSense earlier this month that the property no longer fit the company’s portfolio.
SSN representatives declined to comment on the acquisition. The company currently manages 21 hotels including the Hilton, Marriott, Choice Hotels, Wyndham and Intercontinental Hotels Group brands, according to its website.
Meanwhile, Shamin is working on a pair of two-in-one hotel development projects. It has plans to add a Hampton Inn and Homewood Suits in an 18-story tower at 700 E. Main St. in Richmond and a combo Home2 Suites and Hilton Garden Inn at a new construction project in Herndon, Va.
Shamin also recently paid $3.27 for the 14-story Mutual Building in downtown Richmond, but has yet to settle on a firm plan for the property. The company currently operates about 35 hotels between Virginia, Maryland and North Carolina.
The Comfort Inn at 5240 Airport Lane. (Photo by Burl Rolett).
A Delaware-based firm has taken over a foreclosed Richmond airport hotel more than a year after local ownership moved out.
SSN Hotel Management purchased the 61-room Comfort Inn on Airport Square Lane last week for $800,000 at auction. The company previously bought the loan on the property from a lender and was the only bidder at the onsite foreclosure sale.
The previous owner was Chester-based Shamin Hotels, which gave control of the hotel back to its lender about a year ago because the property was underperforming.
Shamin, one of the area’s largest hotel owners, built the Comfort Inn in 1997. It took out a $2.6 million mortgage on the two-story, 25,484-square-foot property in December 2005.
It was a nonrecourse loan, leaving the lender unable to come after any of Shamin’s assets aside from the Comfort Inn offered as collateral.
Shamin Head executive Neil Amin told BizSense earlier this month that the property no longer fit the company’s portfolio.
SSN representatives declined to comment on the acquisition. The company currently manages 21 hotels including the Hilton, Marriott, Choice Hotels, Wyndham and Intercontinental Hotels Group brands, according to its website.
Meanwhile, Shamin is working on a pair of two-in-one hotel development projects. It has plans to add a Hampton Inn and Homewood Suits in an 18-story tower at 700 E. Main St. in Richmond and a combo Home2 Suites and Hilton Garden Inn at a new construction project in Herndon, Va.
Shamin also recently paid $3.27 for the 14-story Mutual Building in downtown Richmond, but has yet to settle on a firm plan for the property. The company currently operates about 35 hotels between Virginia, Maryland and North Carolina.