Richmond-based Lingerfelt Commonwealth Partners LLC announced on Monday a portfolio sale of five hotels in Orlando, Fla., Atlanta and Charlotte, N.C. that closed on Thursday.
Hollywood, Fla.-based AD1 Global paid $92.5 million in the deal, which included 758 rooms for brands like the Marriott International and Hilton Worldwide.
Lingerfelt Commonwealth bought the hotels in January 2015 for $68.5 million. Commonwealth Lodging Management, a Hampton Roads affiliate of Lingerfelt Commonwealth, managed the operations of the hotels over the last three years, including renovations totaling around $8.5 million.
“We initially identified this portfolio of hotels as an opportunity to acquire well-maintained assets, below replacement cost, with great brands in strong markets that we believed were likely to benefit from continued long-term growth,” J. Ryan Lingerfelt, president and chief investment officer of Lingerfelt Commonwealth, said in a statement. “This is an opportune time to sell this portfolio, and we are excited to deliver exceptional value to our investors.”
