Matrix’s Energy & Multi-Site Retail Team Announces the Successful Sale of Three Hospitality Properties
RICHMOND, VA – August 28, 2007 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of three hospitality properties located in Richmond, VA all owned by affiliates of Briggs Hospitality. The properties, which consist of the Sheraton Park South Hotel, the Holiday Inn I-64 West End (Crossroads) and the Comfort Inn and Conference Center, Midtown were sold to three different buyers. Tom Kelso, Managing Director and head of Matrix’s Energy and Multi-Site Retail Group, along with Cedric Fortemps, Vice President managed the transaction.
The fact that the hotels were of various sizes, quality and service offerings made the transaction complicated, which led Matrix to design a bifurcated sale process to maximize the value of the properties. The result was an extremely successful transaction. Matrix also assisted in the negotiation of a long-term extension on the Holiday Inn land lease, which greatly enhanced the proceeds to the Seller.
Ownership interest in the Sheraton Park South was sold to Apollo Real Estate Advisors’ Value Enhancement Fund. The lease for the Holiday Inn I-64 West End (Crossroads) was purchased by Rajendrakumar Parikh and the Comfort Inn and Conference Center, Midtown was sold to Dwarkesh Shah.
Malcolm Briggs, President of Briggs Hospitality commented on the transaction, “The sale transaction spearheaded by Matrix on behalf of the Briggs family required a great deal of in-depth knowledge of our industry, markets and products. Throughout demanding negotiations with the many personalities and institutions involved, Tom Kelso and Cedric Fortemps repeatedly overcame significant obstacles and kept the process and players moving forward. Their extensive experience, expertise, and sheer determination were invaluable to our efforts to sell our hotel portfolio.”
Tom Kelso added, “It has been a pleasure to work with Malcolm Briggs and his family and advisors to maximize the value of the Briggs holdings and handle the sale of their hotel portfolio. We are very pleased that our bifurcated sale process helped Mr. Briggs attain his goals.”