Courtyard Marriott. Photos by Michael Schwartz.
A New York REIT has one Richmond hotel acquisition in the bag and another in its sights.
NorthStar Realty Finance bought the Courtyard Richmond West hotel at 6400 W. Broad St. last week for $8.5 million. The company also has a contract to purchase the Courtyard Richmond Airport hotel on Williamsburg Road in a deal expected to close later this year.
The Marriott brand properties join a long list of local hotels to change hands this year and are the latest to be rolled up in massive packaged deal and sold to a national REIT or private equity firm.
NorthStar is buying 51 other hotels in 21 states along with the airport-area Courtyard in a deal that will total nearly $1.1 billion, the company announced last month. The REIT is also expected to close a $700 million hotel portfolio acquisition this fall, according to a September press release.
It is unclear if the West Broad Street Courtyard was included in the latter deal. Calls and emails to NorthStar representatives were unreturned by Wednesday evening.
NorthStar’s Courtyard Richmond West deal closed Oct. 9, according to Henrico County records.
The building is a two-story, 79,000-square-foot hotel. It totals about 150 guest rooms and was built in 1987. The hotel was previously owned by Courtyard by Marriott Limited Partnership.
The Courtyard Richmond Airport at 5400 Williamsburg Road totals 142 rooms. It’s a three-story, 74,000-square-foot hotel that was built in 1998. Inland American Real Estate Trust, the seller in NorthStar’s deal, bought the property for $19.1 million in 2007, according to Henrico County property records.
The two hotel sales bring even more momentum to a Richmond hotel market that has seen at least nine hotels sell so far this year. That number includes eight hotels in Henrico County, but at least three of those were sold in foreclosure or deed-in-lieu deals. Only two Henrico County hotels sold in all of 2013, county records show.
In the last few months, the buying spree has been driven by big national players scooping up dozens of hotels at a time in nine- and 10-figure deals similar to the NorthStar acquisition.
Earlier this month, hotel giant Hyatt announced it would sell 38 hotels to a Dallas private equity firm. That deal totaled $590 million and included the Hyatt House at Short Pump Town Center and the Hyatt Place at Arboretum.
New York-based Blackstone Group bought 47 hotels for $800 million, including the Homewood Suites on Innslake Drive, in August.
Courtyard Marriott. Photos by Michael Schwartz.
A New York REIT has one Richmond hotel acquisition in the bag and another in its sights.
NorthStar Realty Finance bought the Courtyard Richmond West hotel at 6400 W. Broad St. last week for $8.5 million. The company also has a contract to purchase the Courtyard Richmond Airport hotel on Williamsburg Road in a deal expected to close later this year.
The Marriott brand properties join a long list of local hotels to change hands this year and are the latest to be rolled up in massive packaged deal and sold to a national REIT or private equity firm.
NorthStar is buying 51 other hotels in 21 states along with the airport-area Courtyard in a deal that will total nearly $1.1 billion, the company announced last month. The REIT is also expected to close a $700 million hotel portfolio acquisition this fall, according to a September press release.
It is unclear if the West Broad Street Courtyard was included in the latter deal. Calls and emails to NorthStar representatives were unreturned by Wednesday evening.
NorthStar’s Courtyard Richmond West deal closed Oct. 9, according to Henrico County records.
The building is a two-story, 79,000-square-foot hotel. It totals about 150 guest rooms and was built in 1987. The hotel was previously owned by Courtyard by Marriott Limited Partnership.
The Courtyard Richmond Airport at 5400 Williamsburg Road totals 142 rooms. It’s a three-story, 74,000-square-foot hotel that was built in 1998. Inland American Real Estate Trust, the seller in NorthStar’s deal, bought the property for $19.1 million in 2007, according to Henrico County property records.
The two hotel sales bring even more momentum to a Richmond hotel market that has seen at least nine hotels sell so far this year. That number includes eight hotels in Henrico County, but at least three of those were sold in foreclosure or deed-in-lieu deals. Only two Henrico County hotels sold in all of 2013, county records show.
In the last few months, the buying spree has been driven by big national players scooping up dozens of hotels at a time in nine- and 10-figure deals similar to the NorthStar acquisition.
Earlier this month, hotel giant Hyatt announced it would sell 38 hotels to a Dallas private equity firm. That deal totaled $590 million and included the Hyatt House at Short Pump Town Center and the Hyatt Place at Arboretum.
New York-based Blackstone Group bought 47 hotels for $800 million, including the Homewood Suites on Innslake Drive, in August.