Case Study: HRI Properties

Miller & Rhoads

HRI Properties partnered with a major insurance company to acquire a vacant former department store in downtown Richmond. This included the acquisition of an operating hotel and apartments at a significant discount to replacement costs in an off-market transaction.


In 2015, this property underwent a major renovation to rebrand the Hilton Garden Inn hotel to a full-service Hilton by converting vacant commercial space into the required amount of meeting space by Hilton’s standards.

The additional vacant space has been repurposed into additional/diverse cash flow generating spaces.

Miller and rhoads room interior - 2010
Miller and rhoads room interior - 2015

To complete this project, HRI Properties utilized federal, state and new markets tax credits to lower the cash equity component. The property was successfully rebranded from a Hilton Garden Inn to a full-service Hilton which allowed the hotel to better compete for higher rated group business.

A long-term lease was secured with a preeminent restaurant, which relocated into the additional vacant retail space.

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