RICHMOND, VA— The 194-room Sheraton Park South hotel in Richmond, VA, has come under new ownership. Apollo Real Estate Advisors’ Value Enhancement Fund VI and another undisclosed private investment company have purchased the asset and put Davidson Hotel Co. in place as its operator under a long-term contract. The seller and purchase price for the asset were not disclosed. This Apollo fund has now acquired two hotels, the other being the 301-room Gaithersburg Hilton in Gaithersburg, MD. Davidson manages that asset as well. Davidson and Apollo also recently renovated the property. A multi-million-dollar renovation will also now be carried out at the seven-story Sheraton Park South. Upgrades will include the installation of flat-panel televisions. The hotel currently features a heated pool, a fitness center, a 24/7 business center, a restaurant, a lounge and 10,000 square feet of meeting space. The hotel’s guestrooms currently offer high-speed wireless Internet access and Sheraton Sweet Sleeper Beds.
