Richmond firm strikes $92.5 million hotel deal

Richmond-based Lingerfelt Commonwealth Partners LLC announced on Monday a portfolio sale of five hotels in Orlando, Fla., Atlanta and Charlotte, N.C. that closed on Thursday.

Hollywood, Fla.-based AD1 Global paid $92.5 million in the deal, which included 758 rooms for brands like the Marriott International and Hilton Worldwide.

Lingerfelt Commonwealth bought the hotels in January 2015 for $68.5 million. Commonwealth Lodging Management, a Hampton Roads affiliate of Lingerfelt Commonwealth, managed the operations of the hotels over the last three years, including renovations totaling around $8.5 million.

“We initially identified this portfolio of hotels as an opportunity to acquire well-maintained assets, below replacement cost, with great brands in strong markets that we believed were likely to benefit from continued long-term growth,” J. Ryan Lingerfelt, president and chief investment officer of Lingerfelt Commonwealth, said in a statement.  “This is an opportune time to sell this portfolio, and we are excited to deliver exceptional value to our investors.”

The portfolio comprises the following assets:

Fairfield Inn & Suites by Marriott Orlando Lake Buena Vista: 170 rooms
12191 South Apopka Vineland Road
Lake Buena Vista, Florida 32836

Fairfield Inn by Marriott Orlando Airport: 139 rooms
7100 Augusta National Drive
Orlando, Florida 32822

DoubleTree by Hilton Atlanta North Druid Hills – Emory Area: 208 rooms
2061 North Druid Hills Rd NE
Atlanta, Georgia 30329

Hampton Inn Atlanta – North Druid Hills: 111 rooms
1975 North Druid Hills Road
Atlanta, Georgia 30329

Courtyard by Marriott Charlotte Gastonia: 130 rooms
1856 Remount Road
Gastonia, North Carolina 28054