Virginia Beach, Virginia – November 14, 2017 – Denton Realty Company, a hospitality and commercial real estate brokerage and consulting firm, announces the sale of the Fairfield Inn & Suites by Marriott in Stafford, Virginia. The seller was an individual owner/operator who developed the hotel in 2013.
HMP Properties, a Williamsburg, Virginia based hotel development and management company purchased the hotel through an affiliate. Denton Realty Company procured the off-market investment opportunity and represented the purchaser in the real estate transaction.
Hitesh M. Patel, president of HMP Properties said, “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.”
Edward C. Denton, president of Denton Realty Company said, “This was a needle in the haystack opportunity. Hotel fundamentals are very strong and as a result many owners are enjoying the cash flow and are reluctant to sell, so there are very few quality assets on the market. As such, we conducted a targeted sourcing effort for our client and are very pleased with the results. It was a pleasure to work with Mr. Patel and his team and we are proud to have been shoulder to shoulder with them for their first Marriott acquisition.”
