Hampton Inn & Suites in Newport News sells for $9M
Shamin buys 120-room hotel, plans to renovate
Chester-based Shamin Hotels has purchased a 120-room Hampton Inn & Suites in Newport News for $9 million.
Shamin purchased the hotel, which it plans to renovate, from Yoder Inn Group LP as an investment. Located at 12251 Jefferson Ave. on approximately 2.65 acres, the hotel consists of 90 rooms and 30 two-room suites.
Shamin, one of the largest independent hoteliers in the United States, recently saw its Hilton Richmond Hotel and Spa in Short Pump enter receivership after falling behind on loan payments. Shamin CEO Neil Amin has said that his other hotels are performing better than the Short Pump Hilton because those properties are less dependent on revenue from conferences.
Shamin has new properties scheduled to open in 2021, including a Home2 Suites and a Hampton Inn and Suites in Short Pump. It will also soon complete renovations on The Landing at Hampton Marina, a Tapestry Hotel by Hilton, in Hampton.
G. David Butchello of Cushman & Wakefield | Thalhimer’s Newport News office handled the sale negotiations for the Newport News hotel on behalf of the seller.