A Chesapeake firm recently sold its Innsbrook Hilton Garden Inn. Photo by Burl Rolett.
The selling streak continues for Richmond’s hotel market.
The 155-room Hilton Garden Inn at 4050 Cox Road was purchased Sept. 12 by New York-based MCR Development for $20 million, according to Henrico County records. The Innsbrook deal marks the sixth hotel to change ownership in Henrico County this year.
The seller was Chesapeake hotelier LTD Hospitality which has seen several of its Richmond properties change hands in recent years.
Representatives from LTD and MCR did not return calls and emails for comment on the deal by press time.
LTD once owned the Aloft at West Broad Village and the Hyatt Place near White Oak Village before the properties fell into foreclosure in 2012 and 2013, respectively. Chesterfield-based Shamin Hotels eventually bought both of those properties.
The Hilton Garden Inn at Innsbrook is six stories tall and totals about 100,000 square feet. LTD built the hotel in 2009 after paying $1.2 million for its 4.8-acre parcel, county records show.
The deal follows the $8.8 million sale last month of a Homewood Suites less than a half-mile from the Hilton Garden Inn.
The Embassy Suites on Emerywood Parkway and the Richmond Marriott West were both sold in separate foreclosure and deed-in-lieu of foreclosure sales in June. The Days Inn on Dickens Road was sold a month later.
Farther east a Delaware-based firm bought the Comfort Inn at 5240 Airport Lane out of foreclosure in March.
A Chesapeake firm recently sold its Innsbrook Hilton Garden Inn. Photo by Burl Rolett.
The selling streak continues for Richmond’s hotel market.
The 155-room Hilton Garden Inn at 4050 Cox Road was purchased Sept. 12 by New York-based MCR Development for $20 million, according to Henrico County records. The Innsbrook deal marks the sixth hotel to change ownership in Henrico County this year.
The seller was Chesapeake hotelier LTD Hospitality which has seen several of its Richmond properties change hands in recent years.
Representatives from LTD and MCR did not return calls and emails for comment on the deal by press time.
LTD once owned the Aloft at West Broad Village and the Hyatt Place near White Oak Village before the properties fell into foreclosure in 2012 and 2013, respectively. Chesterfield-based Shamin Hotels eventually bought both of those properties.
The Hilton Garden Inn at Innsbrook is six stories tall and totals about 100,000 square feet. LTD built the hotel in 2009 after paying $1.2 million for its 4.8-acre parcel, county records show.
The deal follows the $8.8 million sale last month of a Homewood Suites less than a half-mile from the Hilton Garden Inn.
The Embassy Suites on Emerywood Parkway and the Richmond Marriott West were both sold in separate foreclosure and deed-in-lieu of foreclosure sales in June. The Days Inn on Dickens Road was sold a month later.
Farther east a Delaware-based firm bought the Comfort Inn at 5240 Airport Lane out of foreclosure in March.