{"id":1004104345,"date":"2014-09-24T11:51:46","date_gmt":"2014-09-24T19:51:46","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=294485"},"modified":"2020-05-19T03:42:39","modified_gmt":"2020-05-19T11:42:39","slug":"mcr-development-buys-hilton-garden-inn-richmond-for-20m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\/","title":{"rendered":"MCR Development Buys Hilton Garden Inn Richmond for $20M"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/hilton-garden-inn-richmond-innsbrook.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-294490\" title=\"Welcome to the Hilton Garden Inn Richmond Innsbrook\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/hilton-garden-inn-richmond-innsbrook.jpg\" alt=\"\" width=\"300\" height=\"167\" \/><\/a><\/p>\n<p>The Hilton Garden Inn Richmond Innsbrook is under new ownership.<\/p>\n<p style=\"text-align: justify;\">According to <a href=\"https:\/\/www.timesdispatch.com\/business\/real-estate\/innsbrook-hilton-garden-inn-sold-for-million\/article_805523c8-431a-11e4-b77d-001a4bcf6878.html\" rel=\"nofollow\" ><em>The Richmond Times-Dispatch<\/em><\/a>, an affiliate of New York City-based MCR Development acquired the 155-key hotel on September 12 from LTD Hospitality Group. The property at 4050 Cox Road traded for $20 million, according to Henrico County property records. The property\u2019s assessed value was set at $11,182,600, with the value of the land estimated at $1.46 million.<\/p>\n<p style=\"text-align: justify;\">The Hilton Garden Inn Richmond Innsbrook is the second hotel in Innsbrook to change hands this year. In June, Lingerfelt CommonWealth Partners <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/richmond-hampton-roads\/lingerfelt-commonwealth-buys-richmond-marriott-west-cavalier-hotel-joins-national-register-of-historic-places\/1004098683.html\"><em>purchased<\/em><\/a> the 242-room Richmond Marriott West.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/virginia-hotel-occupancy.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-294489\" title=\"virginia hotel occupancy\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/virginia-hotel-occupancy.jpg\" alt=\"\" width=\"300\" height=\"275\" \/><\/a>In its mid-year report, Marcus &amp; Millichap Real Estate Investment Services Inc. notes that hotels in the Mid-Atlantic region, including Washington, D.C., Delaware, Maryland, Virginia and West Virginia, are posting stronger results in 2014 compared to last year, and growth is expected to continue for the rest of the year.<\/p>\n<p>Hotel occupancy in Virginia rose 1.5 percent in the past 12 months to 58.5 percent, as room demand climbed in five of the first six months of 2014. By the end of the year, average occupancy in the state is expected to reach 59 percent, a year-over-year increase of nearly 2 percent, thanks to increased demand from business travelers.<\/p>\n<address style=\"text-align: justify;\"><em>Photo credits: <\/em><a href=\"https:\/\/hiltongardeninn3.hilton.com\/en\/hotels\/virginia\/hilton-garden-inn-richmond-innsbrook-RICIBGI\/index.html\" rel=\"nofollow\" ><em>Hilton Garden Inn<\/em><\/a><em><\/em><\/address>\n<address style=\"text-align: justify;\"><em>Charts courtesy of <\/em><a href=\"https:\/\/www.marcusmillichap.com\" rel=\"nofollow\" ><em>Marcus &amp; Millichap<\/em><\/a><em>.<\/em><\/address>\n","protected":false},"excerpt":{"rendered":"<p>The Hilton Garden Inn Richmond Innsbrook has changed hands this month. The property at 4050 Cox Road traded for 20 million, according to Henrico County property records.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[],"class_list":["post-1004104345","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MCR Development Buys Hilton Garden Inn Richmond for $20M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCR Development Buys Hilton Garden Inn Richmond for $20M\" \/>\n<meta property=\"og:description\" content=\"The Hilton Garden Inn Richmond Innsbrook has changed hands this month. The property at 4050 Cox Road traded for 20 million, according to Henrico County property records.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-24T19:51:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T11:42:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/hilton-garden-inn-richmond-innsbrook.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"MCR Development Buys Hilton Garden Inn Richmond for $20M\",\"datePublished\":\"2014-09-24T19:51:46+00:00\",\"dateModified\":\"2020-05-19T11:42:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\\\/\"},\"wordCount\":220,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/09\\\/hilton-garden-inn-richmond-innsbrook.jpg\",\"articleSection\":[\"Richmond\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mcr-development-buys-hilton-garden-inn-richmond-for-20m\\\/\",\"name\":\"MCR Development Buys Hilton Garden Inn Richmond for $20M - 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