Molinaro Koger Advises Procaccianti in Sale of Richmond Marriott
WASHINGTON, DC, April 1, 2008. Molinaro Koger (MK) announced today that they have structured the sale of the Richmond Marriott Hotel to Apple REIT Seven, Inc., a Richmond-based investment company, on behalf of The Procaccianti Group. The 18-story, 401-room downtown convention center hotel has retained the Marriott flag and will be managed by White Lodging following the sale.
"As Richmond's full-service hotel market leader, this asset attracted tremendous investor interest," commented David Altobello, Vice President of MK, who marketed the asset and structured the transaction.
"The hotel is situated in the premier location in Richmond's revitalized downtown area and is connected to the Greater Richmond Convention Center, a 700,000 square foot state-of-the-art facility." remarked Mr. Altobello. "Potential purchasers were aware that this market position provides a strong defense against any future competition and were also attracted to the hotel's strong RevPAR index and upside potential."
The successful acquirer, Apple REIT Seven, Inc., was formed in 2006 to invest in hotels, apartments and other real estate and is headed by Glade M. Knight. Mr. Knight has formed several similar real estate investment trusts throughout his career. The acquisition adds the Richmond Marriott Hotel to its growing portfolio of Marriott and Hilton properties. Although Apple REIT Seven invests in hotels throughout the Eastern seaboard, they now own the major full-service asset in their home market.
The City of Richmond is one of Virginia's fastest growing markets with enormous growth among office, retail and residential development. Richmond's vibrant market offers a highly educated work force and high quality of life. These factors have attracted numerous businesses to the area including six Fortune 500 corporations that are headquartered in the area.
Significant downtown development is occurring within walking distance of the hotel including construction of Philip Morris's $300 million state-of-the-art Research and Technology Center and a new $70 million Federal District Courts building which is nearing completion.
The Richmond Marriott abounds with the qualities business travelers seek including more than 27,000 square feet of flexible meeting space and two signature restaurants, the BlueFire Steakhouse, an upscale three-meal restaurant, and the Onyx Lounge which serves lunch and dinner. Additional key amenities include three concierge levels, an indoor pool and whirlpool, fitness center, business center, wired and wireless high-speed internet.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
