HMP Properties in Williamsburg acquires a Stafford hotel for $10 million
An affiliate of HMP Properties, a Williamsburg-based hotel development and management company, has purchased the Fairfield Inn & Suites by Marriott in Stafford for $10 million.
Denton Realty Co. in Virginia Beach, which represented the purchaser in the transaction, announced the sale. According to Denton, the seller was an individual owner/operator who developed the hotel off Interstate 95 in 2013. “This is a well-built, well-located hotel with a track record of excellent guest service scores. We are very proud to add this hotel to our portfolio,” Hitesh M. Patel, president of HMP Properties said in a statement.
According to Edward C. Denton, president of Denton Realty Co., hotel fundamentals are strong at this time, with many owners enjoying a good cash flow, making them reluctant to sell. “…[S]o there are very few quality assets on the market,” he noted in a statement.
Denton Realty Co. provides hospitality and commercial real estate brokerage and consulting throughout Virginia and North Carolina. The company is a boutique realty firm, offering specialized services for hotels, self-storage, multifamily and retail investment properties.