Inside Business in Hampton Roads is reporting that the Sheraton Norfolk Waterside Hotel will be put up for auction later this month. According to a legal notice published in the Virginian-Pilot last week, lenders have foreclosed on the10-story hotel. It has been a fixture on downtown Norfolk’s harbor for years and is adjacent to Waterside Festival Marketplace, which is undergoing renovation into a new entertainment/restaurant venue.
A public auction is scheduled for Dec. 20 at 1 p.m. in front of the Norfolk Circuit Courthouse on St. Paul’s Boulevard. Built in 1976, the 323,520-square-foot, hotel sits on more than 3 acres at 777 Waterside Drive. As reported by Inside Business, property assets listed in the legal notice amount to $197 million. The hotel will reportedly be sold with the equipment, furniture, furnishings, machinery and customary hotel equipment.
The Sheraton has 468 hotel guest rooms and suites, with more than half offering private balconies overlooking the harbor. Amenities include an outdoor pool, health club, lounge and restaurant. The hotel also has 35,000 square feet of meeting and convention space. With its prime location, the hotel will remain open as new owners work through restructuring and closing.
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