Norfolk Waterside Marriott
Unrealized A joint venture between LCP and several co-investors acquired the Norfolk Waterside Marriott for $37 million ($91,358 per key) and the associated land for $1.5 million on November 17, 2017. LCP also negotiated a subsidy with the City of Norfolk in connection with the acquisition. The hotel was operated by overleveraged and undercapitalized ownership during the five years prior to acquisition, which resulted in deferred maintenance issues and pressure from the brand to bring the hotel up to current standards, creating a value-add scenario. Strategically placed in the heart of downtown Norfolk, the 405-guestroom hotel has immediate access to both the waterfront and the Granby Street retail corridor. The hotel includes 68,000 square feet of conferencing and meeting space, along with an indoor pool and fitness center.
Investment Info
- Status: Unrealized
- Market: Hampton Roads, VA
- Property Type:
Hotel - Room Count: 405
- Lingerfelt Role: General Partner
- Strategy: Acquisition
- Sub-Strategy: Renovation, Hotel PIP
