Lingerfelt CommonWealth Buys Richmond Marriott West; Cavalier Hotel Joins National Register of Historic Places
- Jun 18, 2014
It’s been a busy month for the Virginia hotel market, with the City of Norfolk and Gold Key | PHR Hotels & Resorts recently starting work on a $126 million hotel/conference center project, and the opening of the Hilton Garden Inn Virginia Beach Oceanfront. Now, two more hotels are taking the spotlight.
In Glen Allen, Lingerfelt CommonWealth Partners has purchased Richmond Marriott West, a 242-key property at the Innsbrook Corporate Center, where the company is headquartered.
Lingerfelt, which owns about 1 million square feet of office space in the area, did not disclose the purchase price. However, it revealed plans to start a multi-million dollar renovation of the property this fall. Lingerfelt has also selected Marriott International to manage the hotel and oversee the project, which is due for completion by next summer.
Edward C. Denton, executive vice president of CommonWealth Lodging, said in a statement that the renovation will transform the Richmond Marriott West into ”the most modern and desirable hotel for hosting travelers to the Richmond area.”
“We have tremendous confidence in the Marriott brand, in Richmond, and in the Innsbrook Corporate Center,” said Lingerelt’s president & chief investment officer, J. Ryan Lingerfelt. “The Innsbrook area continues to solidify its position as one of the city’s best destinations for quality real estate and quality of life.”
Closer to the Atlantic, a Virginia Beach landmark, the Cavalier Hotel, has been added to the National Register of Historic Places. Designed by Clarence Neff, the 87-year-old hotel has hosted seven presidents, along with such notables as F. Scott Fitzgerald, Frank Sinatra, Judy Garland, Will Rogers, and Bette Davis.
Following a two-year renovation, the Cavalier will reopen in 2016 as a five-star member of Marriott’s Autograph Collection, and will feature 90 guest rooms, an onsite bourbon distillery, a ballroom for weddings and social events and a world-class restaurant. The Cavalier’s owner, Gold Key | PHR Hotels & Resorts, is collaborating on the project with the architectural firm of Hanbury Evans Wright Vlattas + Co. and W.M. Jordan Co.
“We are honored to preserve the history while making the Cavalier Hotel a luxury destination for decades to come,” said Gold Key | PHR’s CEO, Bruce Thompson, in a statement. Also in the works is a $4 million makeover of the Cavalier’s sister property on the oceanfront, which will reopen in 2017 as the Oceanfront Marriott Hotel.