Sheraton Park South Trades Hands

RICHMOND, V-New York City-based Apollo Real Estate Advisors’ Value Enhancement Fund VI, along with a private investment company, has picked up its second hotel for this fund, which covers all asset classes across all market in the country. The hotel, a 194-key Sheraton flag here was acquired at an undisclosed price.

Vikram Antin, an associate in Marcus & Millichap REIBC’s National Hospitality Group, tells GlobeSt.com that while the Richmond upscale hotel market is becoming stronger because of spillover from DC, these assets are still not trading at the high levels that they are in the Washington area. A comparable hotel trade in the DC market would be at $200,000 to $225,000 per key.

A full-service operation, Sheraton Park South will be managed by Davidson Hotel Co. Ted Arps, SVP of business development for Davidson, tells GlobeSt.com the new owners plan to invest close to $2 million in upgrades to better attract business and convention goers to the hotel.