The 282 guest room Crowne Plaza in Richmond, Virginia is a full-service property with a motivated seller. Although it is offered with distressed pricing of $16,300 per key, there is no lender pressure to sell nor are there any specific lender approvals required.
This Virginia hotel for sale consists of two interior corridor buildings; one is five-stories and the other is seven-stores. Amenities include an indoor swimming pool with spa, 10,000 square feet of meeting space and banquet space, full-service restaurant with lounge, fitness facilities and ample parking.
The current owner completed a major renovation after purchasing the asset in 2001. The property was then converted to a Holiday Inn and subsequently branded the hotel as a Crowne Plaza in 2005.
Jack Carr, Principal, specializes in single asset and portfolio investment sales throughout the United States. Since 1995, he has been involved in over 125 hotel transactions, including more than 30 in Nevada. Previously, he worked for 10 years with Days Inns of America and its subsequent owner, Hospitality Franchise Systems (HSF). Mr. Carr, a CPA, received his Bachelor of Science degree in accounting from the University of Kentucky.