Richmond Marriott Short Pump Defaulted Note Purchase and Subsequent Hotel Transformation
- Property acquired in 2014 via $17.5M defaulted loan purchase and execution of deed in lieu of foreclosure.
- Completed $11M renovation in 2015 for all-in cost basis of $110k per room versus $250k new build cost.
- Executed operational overhaul, including installation of new leadership team.
- Improved Guest Service Scores from the bottom third of the brand to the top decile.
- Won Marriott International’s Americas Renovation Excellence Award in 2016 and Americas Operational Excellence Award in 2017
- Hotel revenue grew 38% during the three-year holding period, 3X the revenue growth rate of the peer index.