A Virginia developer recently decided to add yet another hotel to its property portfolio. This time, the hotel is located in the Hampton Roads area. The company plans to purchase the hotel and conference center for a total of $19 million, making it one of the most noteworthy recent real estate transactions in Virginia Beach.
In addition to paying $19 million for the hotel, the real estate developer plans to spend a total of $25 million on property renovations. The hotel will then be rebranded. The building, which sits on a site spanning 3.6 acres near the Chesapeake Bay, features 295 suites.
The development authority in Virginia Beach has approved for the real estate developer to receive a $200,000 grant based on the real estate developer’s $25 million investment. The grant money will go toward major renovations as well as reinvestment in the corridor of Shore Drive. The real estate developer that plans to buy the hotel recently bought a downtown Norfolk full-service hotel for $37 million back in November 2017. The developer is also planning a $25 million remodel of this 405-room facility.
Purchasing commercial real estate can certainly be exciting, but it can also be complicated. This is true whether an aspiring buyer has been through the process before or has never bought a commercial property. Although the real estate developer’s recent real estate transactions appeared to go smoothly, not all of these types of transactions do. An attorney can provide the guidance needed to navigate even the most complex of real estate deals and achieve one’s financial goals in the Virginia real estate industry.
Source: richmond.com, “Henrico-based Lingerfelt CommonWealth buying Virginia Beach hotel, planning major renovation“, Gregory J. Gilligan, May 15, 2018