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.