MCR Development Buys Hilton Garden Inn Richmond for $20M
- Sep 24, 2014
The Hilton Garden Inn Richmond Innsbrook is under new ownership.
According to The Richmond Times-Dispatch, an affiliate of New York City-based MCR Development acquired the 155-key hotel on September 12 from LTD Hospitality Group. The property at 4050 Cox Road traded for $20 million, according to Henrico County property records. The property’s assessed value was set at $11,182,600, with the value of the land estimated at $1.46 million.
The Hilton Garden Inn Richmond Innsbrook is the second hotel in Innsbrook to change hands this year. In June, Lingerfelt CommonWealth Partners purchased the 242-room Richmond Marriott West.
In its mid-year report, Marcus & Millichap Real Estate Investment Services Inc. notes that hotels in the Mid-Atlantic region, including Washington, D.C., Delaware, Maryland, Virginia and West Virginia, are posting stronger results in 2014 compared to last year, and growth is expected to continue for the rest of the year.
Hotel occupancy in Virginia rose 1.5 percent in the past 12 months to 58.5 percent, as room demand climbed in five of the first six months of 2014. By the end of the year, average occupancy in the state is expected to reach 59 percent, a year-over-year increase of nearly 2 percent, thanks to increased demand from business travelers.Photo credits: Hilton Garden Inn Charts courtesy of Marcus & Millichap.