A local hotelier has thinned out its orchard.
Apple Hospitality REIT last month sold its Springhill Suites by Marriott at 9960 Independence Park Drive for $8.3 million. The deal was recorded with Henrico County on July 26.
The buyer was San Francisco-based Flynn Properties Inc. The deal is the company’s first property in the Richmond area, according to its website. Flynn didn’t respond to a phone message seeking comment Friday.
The 103-room Springhill Suites, which sits near the Gaskins Road and I-64 interchange, is four stories tall and about 60,000 square feet, according to county records. The hotel was built in 2008. An Apple Hospitality affiliate bought the hotel in 2011 for $7.39 million.
The property was most recently assessed at $2.8 million, a sizable drop in value from its 2020 assessment of $9.4 million.
That decrease in assessed value is attributable to the drop in income generated by the hotel as a result of the pandemic, an employee at the Henrico County real estate office said last week.
Apple Hospitality didn’t respond to a request for comment.
The downtown-based publicly traded REIT owns more than 200 hotels nationwide, according to its website. Its four remaining local hotels are the Courtyard at 1320 E. Cary St., The Berkeley Hotel at 1200 E. Cary St., the Marriott at 500 E. Broad St. and the Residence Inn at 14 S. 14 St.