VIRGINIA BEACH — Lingerfelt CommonWealth Partners, LLC, a real estate income fund management firm headquartered in Richmond will buy the Virginia Beach Resort Hotel & Conference Center at 2800 Shore Drive for $19 million, city officials said Tuesday.
Lingerfelt CommonWealth Partners has hired Commonwealth Lodging Management, a hospitality management and consulting firm headquartered in Virginia Beach, to operate and manage the hotel/conference center, which comprises 263,328 square feet with 295 suites 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, officials said in a news release.
With that, the Virginia Beach Development Authority has approved a $200,000 Economic Development Investment Program — based on the company’s capital investment of $25 million. Officials said the grant will be used toward the major renovation and reinvestment in the Shore Drive corridor.
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,” said Warren D. Harris, Virginia Beach Economic Development director, in a news release. “We are confident that Lingerfelt CommonWealth Partners and Commonwealth Lodging Management will deliver an outstanding new product to the market.”
Duane Gauthier, managing director of Commonwealth Lodging Management, said the company is “excited about this opportunity to expand our portfolio with the addition of this great asset located on the Chesapeake Bay in Virginia Beach.”
Other hotels managed by Commonwealth Lodging include Norfolk Waterside Marriott, Richmond Marriott Short Pump, Fairfield Inn by Marriott Orlando Airport, Courtyard by Marriott Gastonia, DoubleTree Atlanta, Sheraton Suites Wilmington, DoubleTree Norwalk, Hilton Garden Inn Jacksonville Southbank and Homewood Suites by Hilton Jacksonville Southbank.