Richmond Marriott became property of the bank due to the previous owner, Mutual Benefit/Marriott Hotel Associates, filing for Chapter 11 bankruptcy protection late last year. There are two other mortgages on the property, held by the city, for a total of $19.5 million.
Located at 500 East Broad Street, Richmond Marriott is part of the city's $70 million downtown revitalization effort. "Changing the face of Broad Street has been a top priority of ours" Richmond Renaissance chairman John Bates says in a statement upon the project's announcement several months ago. "This project will go a long way in augmenting the Richmond region's investment in the new downtown convention center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
