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The building at 501 E. Franklin St.(Katie Demeria)

RICHMOND, Va. — A local hotelier has struck a deal with the city to bring a new brand of hotel downtown.

An affiliate of Shamin Hotels last week finalized its purchase of the 48,000-square-foot office building at 501 E. Franklin St., which the company plans to convert into an 87-room Moxy Hotel by Marriott. The seller was the Economic Development Authority of Richmond.

It will be the third Moxy Hotel in the U.S., joining locations in New Orleans and Tempe, Arizona. There are five others open in Europe in places like Milan and Berlin. The new brand is fashioned as Marriott’s own version of a boutique-style hotel.

Shamin CEO Neil Amin confirmed the $2.5 million sale closed Oct. 6. The company was the winning bidder in an RFP process put out earlier this year by the EDA to unload the eight-story, 100-year-old building.

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