Paul Sandhu bought the Sheraton Richmond Park South hotel. Photo by Burl Rolett.
A downtown Richmond hotel owner has booked a multi-million dollar stake in the suburbs.
Hotelier Paul Sandhu bought the Sheraton Richmond Park South hotel last month near Chesterfield Towne Center for $7 million.
The hotel sits on about eight acres on the southern side of the Midlothian Turnpike. The 28-year-old building stands 10 stories tall and totals 120,000 square feet.
The 194-room property is at least the fourth Richmond-area hotel now owned by Sandhu. His other holdings include the Crowne Plaza on East Canal Street, the Commonwealth Park Suites near the capitol building and the Four Points by Sheraton on Laburnum Avenue.
Sandhu declined to comment on the Sheraton deal, which closed on June 19.
He bought the property from an Iowa-based entity tied to The Principal Financial Group, which had owned it since 2010.
About a mile east of the Sheraton, Anil Patel’s SINA Hospitality plans to break ground this year on a new 89-room Fairfield Inn and Suites on Pinetta Drive.
Paul Sandhu bought the Sheraton Richmond Park South hotel. Photo by Burl Rolett.
A downtown Richmond hotel owner has booked a multi-million dollar stake in the suburbs.
Hotelier Paul Sandhu bought the Sheraton Richmond Park South hotel last month near Chesterfield Towne Center for $7 million.
The hotel sits on about eight acres on the southern side of the Midlothian Turnpike. The 28-year-old building stands 10 stories tall and totals 120,000 square feet.
The 194-room property is at least the fourth Richmond-area hotel now owned by Sandhu. His other holdings include the Crowne Plaza on East Canal Street, the Commonwealth Park Suites near the capitol building and the Four Points by Sheraton on Laburnum Avenue.
Sandhu declined to comment on the Sheraton deal, which closed on June 19.
He bought the property from an Iowa-based entity tied to The Principal Financial Group, which had owned it since 2010.
About a mile east of the Sheraton, Anil Patel’s SINA Hospitality plans to break ground this year on a new 89-room Fairfield Inn and Suites on Pinetta Drive.