Case Study: HRI Properties
Miller & Rhoads
Location
Richmond, VA
Type
Mixed Use
Year
2010
Rooms/Units
250/111
Commercial
6,728 SF
HRI Properties’ renovation of the Miller & Rhoads Building transformed a vacant downtown department store into 111 apartments, 250 hotel rooms, 17,713 square feet of meeting space, and approximately 6,728 square feet of retail and restaurant space.
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.
![](https://www.hriproperties.com/wp-content/uploads/2018/04/MillerRhoads_6th-Grace_1950s.jpg)
![](https://www.hriproperties.com/wp-content/uploads/2018/04/MillerRhoads_5thGrace-After.jpg)
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](https://www.hriproperties.com/wp-content/uploads/2018/04/2009_5547E204-188B-3B72-2E705D4E0105B5B1.jpg)
![Miller and rhoads room interior - 2015](https://www.hriproperties.com/wp-content/uploads/2018/04/2015_36236705-BD14-9A64-D3153B8AFB314181.jpg)
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.