West End firm plans multi-million dollar renovations for property this fall.
An Innsbrook hotel threatened with foreclosure has been given a new lease on life thanks to a new franchise agreement. Lingerfelt CommonWealth Lodging has entered into an agreement to manage the Richmond Marriott West Hotel at 4240 Dominion Boulevard. The deal was announced Tuesday.
According to a news release, the new management company is planning a multi-million dollar renovation of the 154,000 square foot hotel. New features will include Marriott’s Greatroom lobby concept and updated guest rooms, according to the release.
The hotel will remain open during the planned renovations, which are scheduled to begin in the fall and be complete by summer 2015.
Richmond Marriott West is the only full-service hotel in the office park, hosting business travelers, conferences, leisure travelers and visiting sports teams as well as upscale weddings and social events.
The management will welcome input on changes and renovations from who they call “key customers” who frequent the hotel, including large entities such as Capital One, Markel, Altria, Wells Fargo, and the University of Richmond.
The 10-story building has an occupancy of 594 and was most recently assessed by the County of Henrico at just under $20 million.
“We deeply value the longstanding customer relationships from which Richmond Marriott West has benefited over the years,” Edward C. Denton, CommonWealth Lodging’s Executive Vice President, said. “We hope to honor those key relationships by offering the opportunity for collaboration as we fine-tune our renovation plans to re-invent the Marriott hotel.”
Lingerfelt CommonWealth Partners is headquartered within the Innsbrook Corporate Center, just one block from the Richmond Marriott West. The company and its affiliates own approximately 1,000,000 square feet of office space in close proximity to the hotel.