The Embassy Suites hotel near West Broad Street and Glenside Drive. (Photo by David Larter)
A hotel near Glenside Drive and West Broad Street will hit the auction block this month, almost two years after a lender first moved to foreclose on the property.
The Embassy Suites at 2925 Emerywood Parkway is headed again for foreclosure and will go under the gavel on May 30 on the steps of the Henrico County courthouse. Fairfax-based Crescent Hotels, which owns the 225-room property, is in default on a $33.6 million loan backed by the hotel, and its lender is pushing for the auction.
Crescent bought the eight-story, 185,000-square-foot hotel in 2007 for $39 million, according to county records. The Embassy Suites property is currently assessed at $15.3 million after topping out at a $30.8 million assessment in 2009, county records show.
The original loan backed by the Embassy Suites was issued in 2005.
Phil Wolf, Crescent’s chief financial officer, did not return a pair of phone messages on Wednesday. Henry Brandenstein of the Venable LLP law firm is serving as a substituted trustee in the sale. He also declined to comment on the status of the loan.
The Embassy Suites sits on 5.7 acres and is less than a half-mile off of West Broad Street. It competes in a busy Glenside market, where at least 17 hotels operate within about two miles of each other. Over the last five years, four new hotels have opened in the Glenside area and one has closed, resulting in a net increase of 195 rooms, according to a recent Henrico County planning staff report.
The Emerywood Embassy Suites joins at least three other Richmond hotels that have recently fallen into the foreclosure process. The Richmond Marriott West in Glen Allen is in the hands of a property receiver as a New York-based noteholder moves in on the property. The Economy Inn on Robin Hood Road was headed toward foreclosure before a bankruptcy granted it a reprieve. Shamin Hotels lost a Days Inn near the airport to a March foreclosure.
Meanwhile, several new hotel projects are underway in Richmond. At Glenside, Nobility Investments plans to put a 119-room hotel at the site of the former Skilligalee restaurant. There are several new hotel projects planned for downtown, including one from Shamin Hotels. And a Colonial Heights hotelier is working on a new Fairfield Inn on Pinetta Drive in Chesterfield.
The Embassy Suites hotel near West Broad Street and Glenside Drive. (Photo by David Larter)
A hotel near Glenside Drive and West Broad Street will hit the auction block this month, almost two years after a lender first moved to foreclose on the property.
The Embassy Suites at 2925 Emerywood Parkway is headed again for foreclosure and will go under the gavel on May 30 on the steps of the Henrico County courthouse. Fairfax-based Crescent Hotels, which owns the 225-room property, is in default on a $33.6 million loan backed by the hotel, and its lender is pushing for the auction.
Crescent bought the eight-story, 185,000-square-foot hotel in 2007 for $39 million, according to county records. The Embassy Suites property is currently assessed at $15.3 million after topping out at a $30.8 million assessment in 2009, county records show.
The original loan backed by the Embassy Suites was issued in 2005.
Phil Wolf, Crescent’s chief financial officer, did not return a pair of phone messages on Wednesday. Henry Brandenstein of the Venable LLP law firm is serving as a substituted trustee in the sale. He also declined to comment on the status of the loan.
The Embassy Suites sits on 5.7 acres and is less than a half-mile off of West Broad Street. It competes in a busy Glenside market, where at least 17 hotels operate within about two miles of each other. Over the last five years, four new hotels have opened in the Glenside area and one has closed, resulting in a net increase of 195 rooms, according to a recent Henrico County planning staff report.
The Emerywood Embassy Suites joins at least three other Richmond hotels that have recently fallen into the foreclosure process. The Richmond Marriott West in Glen Allen is in the hands of a property receiver as a New York-based noteholder moves in on the property. The Economy Inn on Robin Hood Road was headed toward foreclosure before a bankruptcy granted it a reprieve. Shamin Hotels lost a Days Inn near the airport to a March foreclosure.
Meanwhile, several new hotel projects are underway in Richmond. At Glenside, Nobility Investments plans to put a 119-room hotel at the site of the former Skilligalee restaurant. There are several new hotel projects planned for downtown, including one from Shamin Hotels. And a Colonial Heights hotelier is working on a new Fairfield Inn on Pinetta Drive in Chesterfield.