10/1/2007

Apple REIT to acquire Richmond Marriott for $53 million

by

Marriott Richmond

Apple REIT Seven Inc. is under contract to purchased the Marriott Richmond in Richmond, Va., for $53 million from an affiliate of The Procaccianti Group.

The 401-room hotel sold for $132,000 per room. It is located at 500 E. Broad St., in downtown Richmond. Completed in 1984, the 18-story property contains more than 36,000 square feet of meeting and function space.

Procaccianti acquired the hotel in July 2002. Apple REIT Seven is assuming $25.4 million in debt as part of the transaction.

Apple REIT Seven Inc., is a Richmond, Va.-based hotel REIT managed by David Lerner Associates Inc. The Procaccianti Group is a national hotel owner and manager based outside Providence, R.I.

Address: 500 E. Broad St., Richmond, Va.

Size: 401 rooms

Built: 1984

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Filed Under: Hotel/Resort

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