Located at 4700 S. Laburnum Ave., the hotel is a non-core holding of the Wyndham portfolio that Blackstone acquired in 2005 for $3.24 billion--one of the many public-to-private transactions the firm has closed over the last several years. The buyers will retain the Wyndham Hotel flag.
The sales price of $10.5 million includes planned renovations and upgrades, according to the brokerage firm. The 155-key hotel--called Wyndham Richmond Airport--was built in 1985 and renovated several times since then. It is located off I-64, two miles from the Richmond International Airport terminal and 12 miles from downtown Richmond.
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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.
