VIRGINIA BEACH, Va. – With a Richmond based company set to buy the Virginia Beach Resort Hotel & Conference Center, it is expected to use some of its $44 million capital investment to rebrand the hotel, which includes a new name.
Lingerfelt CommonWealth Partners, LLC, will purchase the 263,328 square feet property, which comes along with 295 suites on a 3.6-acre site along the Chesapeake Bay. They plan to rename and rebrand the hotel as Delta Hotel by Marriott, as part of Marriott’s upscale and full-service brand for business, leisure and vacation travelers.
“This investment in the Shore Drive corridor aligns with the City’s vision for this dynamic Chesapeake Bay-fronted business and residential community,” said Virginia Beach Economic Development Director Warren D. Harris.
The $44 million dollar investment by Lingerfelt CommonWealth Partners, LLC, is broken up between the selling price of $19 million for the property on 2800 Shore Drive, and $25 million for renovations.
Delta Hotels compete in the upscale tier of hotel lines, providing essentials for the modern business traveler, from rooms with free Wi-Fi to fitness and dining options that fit seamlessly into the travel flow, said the city.
“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,” said Duane Gauthier, managing director of Commonwealth Lodging Management. “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.”
The Virginia Beach Development Authority has 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.
“We are confident that Lingerfelt CommonWealth Partners and Commonwealth Lodging Management will deliver an outstanding new product to the market,” added Harris.
Commonwealth Lodging Management, LLC is a wholly owned subsidiary of Commonwealth Commercial Partners, LLC.
Commonwealth Commercial Partners, LLC, has offices in a variety of states and cities, including right here in Hampton Roads.