NEW YORK – April 18, 2018 – MCR, the seventh largest hotel owner-operator in the United States, today announced that it has acquired the 136-room SpringHill Suites by Marriott Richmond North Glen Allen located in Glen Allen, VA, for $10.85 million. The property is located at the intersection of I-295 and I-95, with close proximity to major distribution hubs and corporate office parks.
“We are pleased to make this investment in the Richmond area, a region MCR has successfully invested in previously,” said Tyler Morse, Chief Executive Officer and Managing Partner of MCR. “Given the variety of demand generators and the continued investment from major corporations, we believe the property is positioned to generate positive returns for our investors.”
The hotel’s location lies within a 5-minute drive of regional distribution centers for Amazon, FedEx, and Supervalu, as well as regional offices for Capital One, Oracle, Lowe’s, Markel Corporation, and Bank of America. The hotel also welcomes guests visiting the Bon Secours regional medical center and nearby attractions including Kings Dominion amusement park and the Richmond Raceway, which hosts several annual NASCAR events.
Situated at 9701 Brook Road, the property features an indoor pool, fitness center, free Wi-Fi, 300 square feet of meeting space, a 24-hour business center and a 24-hour The Market®. Guest rooms offer spacious work areas, 37-inch flat-screen TVs, and coffeemakers.