A recently rebranded Econo Lodge near the airport is undergoing renovations. Photo by Katie Demeria.
A hotel near Richmond International Airport has a new owner and some big changes in the works to keep up with a competitive market.
Mike Patel last month purchased the 132,000-square-foot Econo Lodge hotel at 5203 Williamsburg Road in Henrico County. He paid $4 million for the property, which was rebranded from Quality Inn in January.
Patel has worked in the hospitality business for most of his life, as did his parents, and he came to Richmond about five years ago from New York to manage the Williamsburg Road property for its previous owners.
“I came in because the property was in trouble,” Patel said. “They needed some remodeling and things like that, and they were not going to do it, so I took over, bought it, and now we’re doing the remodeling.”
The 226-room hotel sits on about 4.7 acres, county records indicate. It was built in 1973, and its age was part of the reason Patel chose to spend the $25,000 it took to rebrand to Econo Lodge.
“The market here calls for either the higher end or the lower end,” Patel said, referring to the price range of hotel rooms. “If you don’t have a newer property, then you have to go with something on the lower end, so we get that part of the market.”
With the hotel in hand, Patel is working on renovations to bring the property up to speed. That includes updating all the rooms with new furniture and fixtures, along with replacing all the wallpaper and repainting the parking lot.
Patel said he hopes to finish the work in time for the UCI Road World Championships. He said no rooms at his hotel have yet been specifically reserved for the bike race, which will take place Sept. 19-27, but he anticipates some guests will likely stay for the event.
“I’m hoping for it, we’ll see what happens,” he said.
The remodeling is expected to cost about $600,000, Patel said. He went out of town to get the financing, working with Woori America Bank.
His Econo Lodge isn’t the only airport hotel to change flags this year. The 160-room hotel at 5501 Eubank Road was stripped of its DoubleTree by Hilton Hotel brand and is now the Richmond Airport Hotel. Its owners had been pursuing a sale earlier this year.
A recently rebranded Econo Lodge near the airport is undergoing renovations. Photo by Katie Demeria.
A hotel near Richmond International Airport has a new owner and some big changes in the works to keep up with a competitive market.
Mike Patel last month purchased the 132,000-square-foot Econo Lodge hotel at 5203 Williamsburg Road in Henrico County. He paid $4 million for the property, which was rebranded from Quality Inn in January.
Patel has worked in the hospitality business for most of his life, as did his parents, and he came to Richmond about five years ago from New York to manage the Williamsburg Road property for its previous owners.
“I came in because the property was in trouble,” Patel said. “They needed some remodeling and things like that, and they were not going to do it, so I took over, bought it, and now we’re doing the remodeling.”
The 226-room hotel sits on about 4.7 acres, county records indicate. It was built in 1973, and its age was part of the reason Patel chose to spend the $25,000 it took to rebrand to Econo Lodge.
“The market here calls for either the higher end or the lower end,” Patel said, referring to the price range of hotel rooms. “If you don’t have a newer property, then you have to go with something on the lower end, so we get that part of the market.”
With the hotel in hand, Patel is working on renovations to bring the property up to speed. That includes updating all the rooms with new furniture and fixtures, along with replacing all the wallpaper and repainting the parking lot.
Patel said he hopes to finish the work in time for the UCI Road World Championships. He said no rooms at his hotel have yet been specifically reserved for the bike race, which will take place Sept. 19-27, but he anticipates some guests will likely stay for the event.
“I’m hoping for it, we’ll see what happens,” he said.
The remodeling is expected to cost about $600,000, Patel said. He went out of town to get the financing, working with Woori America Bank.
His Econo Lodge isn’t the only airport hotel to change flags this year. The 160-room hotel at 5501 Eubank Road was stripped of its DoubleTree by Hilton Hotel brand and is now the Richmond Airport Hotel. Its owners had been pursuing a sale earlier this year.