Lingerfelt CommonWealth to buy Virginia Beach hotel for $19 million
Lingerfelt CommonWealth Partners LLC, a Richmond-based real estate management firm, will buy the Virginia Beach Resort Hotel & Conference Center for $19 million.
Lingerfelt has hired Commonwealth Lodging Management LLC, a Virginia Beach-based hospitality management and consulting firm, to operate and manage the property.
The 263,328-square-foot hotel and conference center at 2800 Shore Drive includes 295 suites on a 3.6-acre site along the Chesapeake Bay.
Lingerfelt plans a $25 million renovation of the property, It will be rebranded as Delta Hotel by Marriott, a new, full-service brand designed for business and leisure travelers.
The new hospitality brand currently has more than 12,000 rooms in 50 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.
The Virginia Beach Development Authority has approved an Economic Development Investment Program grant 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.
Lingerfelt CommonWealth Partners has built, acquired and managed nearly 20 million square feet of commercial real estate valued at about $2 billion in the mid-Atlantic and Southeast.
Commonwealth Lodging Management is a subsidiary of Commonwealth Commercial Partners LLC, a Richmond-based commercial real estate firm.