Investment Summary
Delta Hotels by Marriott, Virginia Beach Bayfront Suites is a 9-story, 295-guestroom hotel located in the Shore Drive Corridor of Virginia Beach, VA. Lingerfelt initially acquired the troubled but well-located hotel for $19 million ($64k/key) in June of 2018 in an Off-Market Transaction sourced via a personal relationship with the seller. The hotel is the only full-service hotel located in one of Virginia Beach’s most affluent residential neighborhoods. The location along the heavily trafficked Shore Drive benefits the hotel with its proximity to a wide range of amenities. Additionally, the hotel is the only hotel in Virginia Beach which owns its own beachfront, making it ideal for both events and family vacations. Lingerfelt acquired the hotel in June of 2018 and sold it in June of 2022.
