The seller was a limited partnership, Virginia Beach Hotel LLC. Mark Morris, SVP for Molinaro Koger, structured the transaction.
According to Morris, this is the first corporate acquisition that Accor has made in eight years. Accor recently set a goal of establishing 1,200 locations in North America by 2010. Leading the charge will be two of its brands--Motel 6 and Studio 60--both of which are pursuing franchising. Also, Accor is making strategic acquisitions in select locations.
"We are very excited to begin corporate development again, and this property is just the first of many select properties we hope to acquire in the next few years," Olivier Poirot, CEO for Accor North America, Motel 6 and Studio 6, says in a prepared statement. "By increasing the growth of both corporately owned and franchised locations in our network, Motel 6/Studio 6 is getting closer to achieving the goal of reaching 1,200 North American properties by 2010."
Accor's new acquisition--now called the Motel 6 Virginia Beach Town Center--features two exterior corridor floors with the 3rd-floor that has an interior corridor. The hotel, which was recently renovated, is nine miles from the ocean front and the new Virginia Beach 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.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
