Richmond Marriott Short Pump

Richmond, Virginia

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Richmond Marriott Short Pump Defaulted Note Purchase and Subsequent Hotel Transformation

  • Property acquired in 2014 via $17.5M defaulted loan purchase and execution of deed in lieu of foreclosure.
  • Completed $11M renovation in 2015 for all-in cost basis of $110k per room versus $250k new build cost.
  • Executed operational overhaul, including installation of new leadership team.
  • Improved Guest Service Scores from the bottom third of the brand to the top decile.
  • Won Marriott International’s Americas Renovation Excellence Award in 2016 and Americas Operational Excellence Award in 2017
  • Hotel revenue grew 38% during the three-year holding period, 3X the revenue growth rate of the peer index.
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