Lingerfelt CommonWealth Partners, of Richmond, is buying the Virginia Beach Resort Hotel & Conference Center on Shore Drive for $19 million and has hired Commonwealth Lodging Management, of Virginia Beach, to operate and manage it.
The combined hotel and conference center, which comprises 263,328 square feet of space, with 295 suites, rests on a 3.6-acre site on the Chesapeake Bay and is located at the intersection of Shore Drive and Great Neck Road.
No dates for the changeover were announced.
"Lingerfelt plans a major $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," said Cindy Mackey, a publicist for the city of Virginia Beach. "The new hospitality brand currently has more than 12,000 rooms in 50 operating hotels across the U.S., Canada and China. Powered by Marriott's industry-leading digital, sales and marketing engines, Delta Hotels is poised for U.S. and global growth."
Delta Hotels compete in the upscale tier with an efficient full-service cost model for prospective owners, said Mackey.
"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.
"Commonwealth has significant experience in the management of nationally franchised hotel assets with a strong background in hotel operations, franchise relations, development and hotel finance," he continued. "Other managed hotel properties 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."
The Virginia Beach Development Authority has approved an Economic Development Investment Program project 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," said Julie Hill, a city of Virginia Beach publicist.
A courtesy computer-generated image of what the new facility will look like from the outside.
A recent courtesy photo of what the facility looks like now.