Lingerfelt CommonWealth Acquires Virginia Beach Resort Hotel & Conference Center

FOR IMMEDIATE RELEASE

 Lingerfelt CommonWealth Acquires Virginia Beach Resort Hotel & Conference Center with $19 Million Capital Investment, Plans Hotel Rebrand

Richmond, VA, June 18, 2018 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, in a joint venture with JDI Realty LLC, a Chicago, Illinois-based commercial real estate investment firm, today announced the acquisition of the Virginia Beach Resort Hotel & Conference Center at 2800 Shore Drive in Virginia Beach for $19 million. The hotel/conference center is situated on the Chesapeake Bay on a 3.6-acre site and includes 263,328 square feet with 295 suites.

The hotel/conference center will undergo a comprehensive $25 million renovation and will be rebranded as Delta Hotels by Marriott – Virginia Beach Bayfront Suites. Delta Hotels is Marriott’s newest, upscale, full-service hospitality brand designed for business and leisure travelers and currently has more than 12,000 rooms in 50 operating hotels across the U.S., Canada and China.

Commonwealth Lodging Management, the company’s hotel management affiliate, will operate the hotel. “We are very excited to announce this acquisition and the rebranding of the Virginia Beach Resort Hotel and Conference Center to Delta Hotels by Marriott,” said Duane Gauthier, Managing Director of Commonwealth Lodging. “Commonwealth Lodging Management will continue to operate the property as the Virginia Beach Resort and Conference Center until the comprehensive, multi-million dollar renovation commences in this year’s fourth quarter. With its prime location on the Chesapeake Bay, combined with our significant reinvestment, we are confident we will deliver an all-suite, full-service product that will exceed guests’ expectations whether traveling to Virginia Beach for business or vacation,” Gauthier said.

The Virginia Beach Resort Hotel & Conference Center is located on Shore Drive at its intersection with N. Great Neck Road along the waterfront of the Chesapeake Bay. In the immediate proximity is Bay Island, First Landing State Park, and the Chesapeake Bay Bridge Tunnel to the Eastern Shore, along with nearby retail and entertainment options.  The Virginia Beach Boardwalk and downtown area is only 7 miles from the hotel/conference center and 8 miles from the Virginia Beach Convention Center.

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ABOUT LINGERFELT COMMONWEALTH PARTNERS

Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Houston, TX, Jacksonville, FL, Nashville, TN, Raleigh, NC, Reading, PA, and Tampa, FL. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion of commercial properties across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com

Lingerfelt CommonWealth Realty Partners buys two Southbank hotels

Posted on 3/1/2017 by Karen Brune Mathis on Jaxdailyrecord.com

Lingerfelt CommonWealth Realty Partners LLC announced Tuesday it bought the dual-branded Hilton Garden Inn and Homewood Suites in the Downtown Southbank area.

The property comprises a 123-room Hilton Garden Inn and a 98-suite Homewood Suites at 1201 Kings Ave.

Richmond, Va.-based Lingerfelt CommonWealth, a commercial real estate investment firm, said the premium branded select-service and extended-stay hotel was built in 2009.

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Lingerfelt CommonWealth Sells Richmond Marriott Short Pump in Richmond, VA

Posted on 3/2/2017 on PR Newswire

RICHMOND, Va., March 2, 2017 /PRNewswire/ — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the sale of the 243 room full-service Richmond Marriott Short Pump for $38.5 million.  The purchaser was a partnership of regional investors.

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Lingerfelt CommonWealth Acquires Hilton Dual-Branded Hotel in Downtown Jacksonville, Florida

Posted on 3/1/2017 on PR Newswire

RICHMOND, Va., March 1, 2017 /PRNewswire/ — Lingerfelt CommonWealth Realty Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of a stabilized dual-branded Hilton Garden Inn | Homewood Suites hotel in downtown Jacksonville, Florida.

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$10 million dollar renovation at Richmond Marriott Short Pump is complete

Posted by Virginia Business on 10/13/2015

The Richmond Marriott Short Pump in Henrico County has a new look.

Following a $10 million renovation, the hotel, located within the Innsbrook Corporate Center, held a grand reopening last week.

Lingerfelt CommonWealth Partners, a commercial real estate company located a block away in Innsbrook, acquired the hotel in June 2014. CommonWealth Lodging, an affiliate of Lingerfelt and operator of the hotel, oversaw the multimillion-dollar renovation over the summer. What was formerly known as the Richmond Marriott West is the only full-service hotel in the 8 million-square-foot, mixed-use office park located off West Broad Street. It originally opened for business in 2001 and attracts many business travelers.

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