Business & Finance

Lingerfelt CommonWealth Sells Richmond Marriott Short Pump in Richmond, VA

RICHMOND, VA. March 8, 2017 - Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the sale of the 243 room full-service Richmond Marriott Short Pump for $38.5 million. The purchaser was a partnership of regional investors.

Commonwealth Lodging Management, the company's hotel management affiliate, will continue to operate the hotel under the new ownership. In October 2015, Commonwealth Lodging oversaw an $11+ million renovation, transforming the property into a state of the art hotel designed for the today's traveler.

More on the company can be found on the web at www.LingerfeltCommonWealth.com.

About Lingerfelt CommonWealth Partners

Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Jacksonville, FL, Nashville TN, Raleigh, NC, Reading, PA, and Tampa, FL. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com.

About Marriott

With more than 500 hotels and resorts in nearly 50 countries around the world, Marriott Hotels is evolving travel through every aspect of the guest's stay, enabling the next generation to Travel Brilliantly. Boldly transforming itself for mobile and global travelers who blend work and play, Marriott leads the industry with innovations, including the Greatroom, Future of Meetings and Mobile Guest Services that elevates style & design and technology. All Marriott hotels participate in the award winning Marriott Rewards frequent travel program that allows members to earn hotel points or airline miles for every dollar spent during each stay. For more information, visit www.MarriottHotels.com. Visit Marriott International, Inc. (NASDAQ: MAR) for company information. For more information or reservations, please visit our web site at www.marriott.com.

CONTACT:
Kenneth S. Strickler
Managing Director, Acquisitions & Asset Management
Lingerfelt Commonwealth Partners
kstrickler@lingerfeltcommonwealth.com
804-433-1809

J. Ryan Lingerfelt
President & Chief Investment Officer
Lingerfelt Commonwealth Partners
rlingerfelt@lingerfeltcommonwealth.com
804-270-0015

Coming Up In The October Online Hotel Business Review




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