The Cavalier Hotel has a new owner
- July 29, 2013
One of Virginia Beach’s most historic hotels officially changed hands Monday with the closing on The Cavalier Hotel at 4201 Atlantic Ave. Local developer Bruce L. Thompson and a group of partners known as Cavalier Associates LLC purchased the property for $35.7 million.
The hotel, which has hosted presidents and other celebrities, first opened in 1927.
Comprised of two full-service hotels in Virginia Beach’s north end, the original seven-story, 110-room historic hotel sits on the hill overlooking the newer, 11-story, 282-room hotel opened in the 1970s.
“There has been much discussion over the future of The Cavalier since its sale was announced,” Doug Henkel, executive vice president of CBRE|Hotels said in a statement. “We had strong interest from multiple buyers, but in the end our client, the receiver Charles Goldstein Managing Director with Protiviti, Inc., settled on The Cavalier Associates LLC, and the sale was affirmed by the court. Cavalier Associates LLC is planning a $259 million project, which includes the restoration of the old Cavalier Hotel on the hill.”
The Cavalier Hotel complex has more than 50,000 square feet of meeting and function space. Along with the two hotels and conference center, the facilities include an indoor pool in the original hotel, an outside pool and children's pool adjacent to the newer hotel, outdoor tennis courts along with a fitness center, and a below-grade parking garage.
Doug Henkel, Tom Ives, Lew Miller, Andy Wimsatt and Kym Halsted of CBRE/Hotels, along with Make Matlat with DJM Realty, represented the seller, The Disthene Group. The sale was part of a court ruling following a lawsuit over minority shareholder rights at the company.