Richmond, VA

Hampton Inn & Suites – Richmond, VA

The Hampton Inn & Suites in Richmond, VA showcases FPG Development Group’s ability to selectively pursue compelling investment opportunities in the top 25 to 50 metropolitan areas in the U.S. based on the experience and market knowledge gained from owning and managing other hotels in the market. The location, at Glenside Drive and Broad Street, presented a significant opportunity to develop a new hotel in a mature, suburban location near the area’s main retail corridor. The market was land constrained with limited opportunity for new development.  FPG identified a potential site that was originally slated for office condos and proceeded to obtain a full zoning change to build a new hotel. The complex transaction required not only the approval of the Owner, but the consent of 12 office condominium owners including a bank (due to a recent foreclosure). This hotel had its grand opening in July of 2010 and has met with great success and is performing better than anticipated.

Summary:                         

  • Rooms:  116 (79 rooms and 37 suites)
  • Total Acres:    2.7 acres
  • Time to Develop:  2 years

Demand Drivers:

  • Premier downtown location on Glenside Drive and Broad Street, which is the major arterial and main retail corridor in the northwest Richmond submarket.
  • Proximity to Route I-64 (0.3 miles), University of Richmond (2 miles).
  • Daily traffic count on I-64 of 116,000 vehicles per day.
  • Only 5 metropolitan areas have more fortune 500 companies than Richmond – companies include Phillip Morris, Mead Westvaco, Dominion Resources, Performance Food Group, LandAmerica Financial Group, Owens & Minor, and Genworth Financial. 
  • Over 13 million total square feet of office space within 5 miles of the site and 3.9 million square feet of office space in the Glenside market.