Lingerfelt CommonWealth Partners, a real estate income fund management firm headquartered in Richmond, Va., will purchase the Virginia Beach (Va.) Resort Hotel & Conference Center at 2800 Shore Drive for $19 million. Lingerfelt CommonWealth Partners hired Commonwealth Lodging Management, a hospitality management and consulting firm headquartered in Virginia Beach, to operate and manage the hotel/conference center. The 263,328-square-foot hotel has 295 suites, and is located on a 3.6-acre site along the Chesapeake Bay.
Lingerfelt CommonWealth Partners plans a $25-million renovation to the property, and will rebrand it as Delta Hotel by Marriott, Marriott’s newest upscale, full-service brand designed for business and leisure travelers. The new hospitality brand currently has more than 12,000 rooms in 50 operating hotels across the U.S., Canada and China.
“This investment in the Shore Drive corridor aligns with the city’s vision for this dynamic Chesapeake Bay-fronted business and residential community,” Warren D. Harris, Virginia Beach's economic development director, said in a statement. “We are confident that Lingerfelt CommonWealth Partners and Commonwealth Lodging Management will deliver an outstanding new product to the market.”
“We are excited about this opportunity to expand our portfolio with the addition of this great asset located on the Chesapeake Bay in Virginia Beach,” Duane Gauthier, managing director of Commonwealth Lodging Management, said in a statement. “With our significant reinvestment to renovate this asset into Delta Hotel by Marriott, combined with Commonwealth Lodging’s proven track record delivering exceptional guest service, we are confident this location will be the premier all-suite hotel anchoring the North End of Virginia Beach.”
Commonwealth Lodging Management is experienced in the management of nationally franchised hotel assets with a strong background in hotel operations, franchise relations, development and hotel finance.
The Virginia Beach Development Authority approved an Economic Development Investment Program grant in the amount of $200,000 based on the company’s capital investment of $25 million. The grant funds will be used toward the major renovation and reinvestment in the Shore Drive corridor.