Tampa, Fla. (March 4, 2015) – The Plasencia Group is pleased to announce the sale of the DoubleTree by Hilton Hotel Richmond Downtown, located in Richmond, Virginia. The firm represented Richmond Hotel Partners, LP, the owner of the 15-story, 230-room hotel. AJ Capital Partners, a Chicago-based real estate development and investment firm, acquired the property and will convert it to the Graduate Richmond. Launched by AJ Capital Partners, Graduate Hotels are a collection of lodging establishments in close proximity to many colleges and universities. Each boutique property celebrates the culture and history of its host community. The now former DoubleTree closed for extensive renovations on Monday, March 2, and is tentatively scheduled to reopen in early 2016 after its conversion.
“The University district in Richmond, surrounding Virginia Commonwealth University, presents an exciting opportunity for such an upscale hotel product. The Graduate Richmond will be at the center of valuable market amenities including restaurants, nightlife and the arts, and will prove to be an excellent acquisition,” commented Keith Coe, The Plasencia Group’s Senior Vice President who led the disposition team.
The hotel’s downtown location at 301 West Franklin Street is proximate to both Virginia Commonwealth University and the Greater Richmond Convention Center.