A local real estate investment company has grabbed a handful of hotels in its latest round of acquisitions.
Glen Allen-based Lingerfelt CommonWealth Partners acquired five hotels in four Southeastern cities, the company said Monday. Terms of the deal and the identity of the seller were not disclosed.
Lingerfelt CommonWealth’s purchases total 758 rooms at two Fairfield Inn properties in the Orlando market, a Hampton Inn and DoubleTree in Atlanta and a Courtyard by Marriott in the Charlotte area.
Ryan Lingerfelt, president and chief investment officer of the firm, would not comment on the deal beyond a prepared statement.
Commonwealth Lodging, a Lingerfelt CommonWealth affiliate based in Virginia Beach, will manage the newly acquired hotels. Executive Vice President Edward Denton said the company has worked with Lingerfelt CommonWealth in the past.
“We have been looking for opportunities to acquire hotels and portfolios of hotels in the past several years,” Denton said. “This particular portfolio happened to meet our criteria. We would love to acquire additional properties that are upscale brands and well-maintained.”
Lingerfelt CommonWealth now owns six hotels within the Hilton and Marriott brands, totaling 1,000 rooms.
The company is a joint venture between Innsbrook-based Lingerfelt Cos. and Commonwealth Commercial Partners.
This is the third time in the last year that Lingerfelt has reached into the Southeastern part of the country. It acquired a 28-story office tower in October as well as a seven-building portfolio in Jacksonville, Florida, early last year.
The company said it now owns 4.2 million square feet of real estate across five states.