Lingerfelt sells Va. Beach hotel for $82M
Delta Hotel is on the Chesapeake Bay
Richmond-based commercial real estate investment firm Lingerfelt Commonwealth Partners LLC has sold the Delta Hotel by Marriott Virginia Beach Bayfront Suites for $82 million to New York-based Black Pearl Capital, Lingerfelt announced June 17.
Lingerfelt Commonwealth Partners acquired the hotel in 2018 for $19 million and completed a $29 million renovation and rebranding. Located in the Chic’s Beach area of Virginia Beach, the hotel has 295 rooms and features sweeping views of the Chesapeake Bay. The hotel has a restaurant, Tin Cup Oyster Bar + Kitchen, outdoor patio, meeting and event spaces, and a pool, fitness center, beach access and watersport rentals.
Commonwealth Lodging Management operated the property.
Lingerfelt was founded in 1957 and the company and its partners have built, acquired and managed more than 25 million square feet of commercial real estate valued at $3 billion across the mid-Atlantic and Southeast.