WASHINGTON, D.C. – January 9, 2018 – Berkadia’s Hotels & Hospitality group announced today the $18.8 million sale and $12 million financing of the Courtyard by Marriott Fredericksburg. Managing Director Kyle Stevenson and Senior Director Matthew Bailly arranged the sale on behalf of Virginia-based Palmer Gosnell Hospitality, LLC, and the affiliated asset ownership entity Inns of Historic Fredericksburg and its managing members Tommy Mitchell, Rich Palmer and Barry Gosnell. Director Adrienne Kautzman arranged financing on behalf of Utah-based buyer Venture Hospitality Holdings, LLC. The deal closed on December 27.
“We were pleased to source a strong buyer for this attractive asset, given the hotel’s strong performance and the strategic renovations Palmer Gosnell Hospitality made,” said Stevenson. “We were able to leverage our integrated investment sales and mortgage banking platform to effectively and efficiently source the right buyer for this property and achieve an outcome that satisfied both the seller and buyer, getting the work done quickly at the year’s end.”
“With a strong tourism industry and its proximity to the Northern Virginia suburbs, Fredericksburg is an attractive destintation for a diverse cross-section of travelers,” said Kautzman. “Venture recognized the opportunity this property presented, and we expect it will continue to drive value well into the future.”
The newly renovated Courtyard by Marriott Fredericksburg is located at 620 Caroline Street, in the heart of Fredericksburg’s Historic district near the Fredericksburg and Spotsylvania National Military Park, University of Mary Washington, Fredericksburg Center for the Creative Arts and Children’s Museum of Richmond.
Berkadia’s Hotels & Hospitality group combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.