Ascendant Capital Partners has acquired an eight-hotel portfolio totaling 965 rooms across Virginia Beach, Va., and North Carolina’s Outer Banks from Coastal Hospitality Associates, the company announced.
The portfolio includes six hotels in Virginia Beach and two in the Outer Banks, with the majority of the assets located on beachfront sites. The acquisition aligns with Ascendant’s strategy of investing in hospitality properties within leisure-driven markets that benefit from strong long-term demand.
The hotels were assembled over several decades by the late Thomas J. Lyons Jr., founder of Coastal Hospitality Associates. Lyons built one of the Mid-Atlantic region’s largest privately owned hotel portfolios, beginning with the acquisition of a 12-room inn in 1968 and eventually developing nearly 40 hotels across Virginia and North Carolina.
Ascendant said it plans to pursue operational and capital improvements across the portfolio, including guest-facing upgrades designed to enhance performance and the overall guest experience. As part of the transaction, Schulte Hospitality Group will assume management of the hotels.
“This transaction reflects the continued execution of our differentiated hospitality strategy, which is focused on high-quality assets in dynamic, supply-constrained markets with resilient demand drivers,” Alex Halpern, co-founder and chief investment officer of Ascendant, said in a statement. He noted the portfolio’s concentration of beachfront properties in markets supported by leisure, government and corporate demand.
The portfolio consists of eight select-service hotels, five of which have undergone significant renovations since 2022. Properties include the SpringHill Suites by Marriott Virginia Beach Oceanfront, Residence Inn by Marriott Virginia Beach Town Center, Residence Inn by Marriott Virginia Beach Oceanfront, Fairfield by Marriott Inn & Suites Virginia Beach Oceanfront, Holiday Inn VA Beach-Oceanside, Holiday Inn Express & Suites VA Beach Oceanfront, Holiday Inn Express Nags Head Oceanfront, and Holiday Inn Express Kitty Hawk – Outer Banks.
The acquisition expands Ascendant’s hospitality holdings while adding scale in two established East Coast leisure destinations. The company said it will focus on preserving the portfolio’s market position while identifying opportunities to drive additional value through targeted investments and operational enhancements.