Construction of the Courtyard Harrisonburg was completed in 2002. This was the first new development in the trade area for approximately 20 years. The asset was sold in 2005 to a buyer eager to capitalize on the asset’s proximity to James Madison University and corporate demand generators, including Merck and MillerCoors.
The aloft Richmond opened in 2008. As part of the aloft Development Committee, LTD was one of the first Starwood franchisees to develop and operate the aloft brand. The asset was sold four years later.
The Comfort Suites Chesapeake opened in 1990. Under LTD’s management the hotel was awarded the prestigious Gold Award for exceeding brand standards in guest care, guest satisfaction and hotel quality. The property was sold in 2010.
Developed in 2008, the Courtyard Newport News is situated on the banks of the Hampton Roads harbor, and draws visitors seeking to experience Colonial Williamsburg and Jamestown, historic ships and battle sights, amusement parks, and the great outdoors. The property was sold in 2014 as part of a multi-property deal with one of the largest hotel owner-operators in the country.
The Courtyard Chesapeake opened in 1997 when the Greenbrier area was in the growth stage of its lifecycle. The hotel’s location on the major thoroughfare serving Chesapeake made the property easily accessible, clearly visible within the local market, and well-positioned for an exit in 2011.
The Hilton Garden Inn Frederick was developed in May 2007. Despite ramping during the height of the recession, this property grew net operating income from 2008 to 2010 by capturing market share from its select service competitors. This asset was sold in 2012.
The Courtyard Chester opened in 2002 and under LTD’s management quickly became a leader in the competitive market. Due in large part to the asset’s location, it was well-positioned to generate walk-in demand and draw business from visiting sports groups and NASCAR spectators, in addition to the usual business travelers. This diversified demand led to a favorable exit opportunity in 2010.
The Courtyard Yorktown was constructed in 1998 and generally catered to corporate business and government travelers. The property also attracted a fair amount of leisure travelers due to its proximity to a high-end golf course and Colonial Williamsburg. The Courtyard Yorktown was sold in 2010.
In 2001, LTD completed the cost effective, ground-up development of the Hilton Garden Inn BWI in a market where premium mid-market brands were underrepresented. The asset’s close proximity to BWI Airport helped to secure a successful exit opportunity three years later.
Since opening in 2002, the Courtyard stood as an example of the revitalization of downtown Norfolk. The property was sold in 2014 as part of a multi-property deal with one of the largest hotel owner-operators in the country.
In 1995, LTD was approved to develop and operate its first Marriott property, the Fairfield Inn & Suites Chesapeake. This was the beginning of a long, successful franchisor/franchisee relationship, which eventually led to LTD becoming the first franchisee to develop all five Marriott select service brands.
Residence Inn Downtown Norfolk was developed in 2009 in the heart of a vibrant, urban area that draws travelers from all over the region. This highly visible property was sold in 2014 as part of a multi-property deal with one of the largest hotel owner-operators in the country.
In 2008, its first full year of operations, the Hyatt Place Richmond penetrated at above 100% of the RevPAR Index within its competitive set. LTD positioned the hotel to ride the market recovery and exited in 2013.
The Hilton Garden Inn Hampton opened in 2007 in the heart of the Coliseum Central Business Improvement District. Its proximity to military bases has brought a concentration of directly and indirectly related businesses focused in the aerospace, medical, and technology industries. The property was sold in 2014 as part of a multi-property deal with one of the largest hotel owner-operators in the country.
The SpringHill Suites Williamsburg was constructed in 1998 in the heart of Colonial Williamsburg’s historic district. For visitors seeking more than just the historic triangle, the hotel offered spacious, sensible accommodations within minutes of Merchants Square Shopping District, Williamsburg Winery and the College of William and Mary. This asset was sold in 2010.
In 1999, LTD developed the TownePlace Suites in Chesapeake. This mid-scale, extended stay product was situated in the heart of one of the largest planned communities in the Hampton Roads area and filled a competitive niche within the local market’s all-suite segment. The property was sold in 2010.
In 2000, the Holiday Inn Select was strategically developed in the heart of Hampton Roads, with easy access to all seven major cities in the region. Under LTD’s management, the Holiday Inn Select was a cornerstone of the Norfolk Airport lodging market for over a decade before being sold in 2011.
The Hilton Garden Inn Richmond Innsbrook was designed and constructed to be considerably more upscale than the other select-service offerings in the market. The comparatively upscale product led to highly favorable valuation when the property was sold in 2014 as part of a multi-property deal with one of the largest hotel owner-operators in the country.
The Residence Inn Williamsburg was developed concurrently with the SpringHill Suites Williamsburg in 1998. The sister properties catered to extended-stay guests seeking to experience all that Colonial Williamsburg has to offer. The Residence Inn Williamsburg was sold in 2010.
Always on the cutting edge, in 1999 LTD developed the first SpringHill Suites in the world. With the SpringHill Suites Chesapeake, LTD delivered a well-planned, high quality product. This asset was sold in 2010.
Construction of the Residence Inn Newport News was completed in 2008 in a market whose economic underpinnings had traditionally been tied to the port and the defense sector. The area’s expansion into technology and tourism facilitated an exit in 2013.
The SpringHill Suites Hampton was constructed in 2008 near the key regional attractions: Hampton Roads Convention Center, Hampton Coliseum and Coliseum Mall. The market surrounding the Coliseum Central business parks and new 344,000 square foot convention center contained predominately older facilities lacking quality rooms. The SpringHill provided an all suite option with quality amenities and a convenient location. The property was sold in 2014 as part of a multi-property deal with one of the largest hotel owner-operators in the country.