Lingerfelt Commonwealth Partners sells Delta Hotel in Virginia Beach
HENRICO, VA, UNITED STATES, June 18, 2022 /EINPresswire.com/ — Lingerfelt Commonwealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, announced the sale of the Delta Hotel by Marriott Virginia Beach Bayfront Suites in Virginia Beach, Virginia.
Lingerfelt Commonwealth Partners sold the property to Black Pearl Capital for $82 million.
Lingerfelt acquired the hotel in 2018 for $19 million and, after a $29 million renovation, rebranded the hotel as Delta — an upscale line of hotels and resorts operated by Marriott International.
Located in the heart of Virginia Beach on the shores of the Chesapeake Bay, the Delta Hotel by Marriott is a 295-room, all-suite property with stunning views of the bay. The upscale property provides the foundation for a good travel experience and features a clean aesthetic and a modern approach to comfort. Additionally, the hotel features an exclusive restaurant, the Tin Cup Oyster Bar + Kitchen, with an expansive outdoor patio, robust meeting and event capabilities, and lifestyle amenities such as a front-facing pool. at the bay, a fitness center, secluded beach, and water sports rentals.
The property was operated by Virginia Beach-based Commonwealth Lodging Management.
Lingerfelt Commonwealth Partners, headquartered in Richmond, Va., is a vertically integrated real estate investment management firm investing in the Mid-Atlantic, Southeast and Midwest.
With its predecessor entities spanning three generations, Lingerfelt Commonwealth Partners has maintained a reputation for quality and excellence in the commercial real estate industry since 1957. Its partners have built, acquired and managed over 25 million square feet of real estate businesses valued at approximately $3 billion in the Mid-Atlantic and Southeast. To find out more, visit www.lingerfeltcommonwealth.com.
About Commonwealth Lodging Management, LLC
Commonwealth Lodging, a Mid-Atlantic based hotel management and consulting firm, is a wholly owned subsidiary of Commonwealth Commercial Partners, LLC, and has extensive experience with recognized full-service and selected franchises across national operating in the suburban, secondary and tertiary markets. The company specializes in focused and hands-on hotel management for institutional clients and owners to stabilize property management, improve cash flow and develop sales/retention strategies. To learn more, visit www.commonwealthlodging.com.
Commonwealth Partners Lingerfelt
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