Shamin Hotels buys another hotel on Virginia Beach Oceanfront
The commonwealth’s largest hotel operator has acquired another property on Virginia Beach’s Oceanfront.
Chester-based Shamin Hotels says it has purchased the 214-room Sheraton Virginia Beach Oceanfront Hotel from Coastal Hospitality Associates LLC. The sale includes the roughly 300-space parking garage at 205 36th St. Financial terms of the deal, which closed Thursday, were not disclosed.
The Virginia Beach Real Estate Assessor’s Office website assessed the property at 3501 Atlantic Avenue at more than $18 million for fiscal year 2020. The hotel’s sales price hasn’t been listed.
The deal represents Shamin’s third recent hotel acquisition on Virginia Beach’s Oceanfront. Last summer, Shamin bought the Hilton Virginia Beach Oceanfront on 30th Street and the Hilton Garden Inn on 33rd Street from Gold Key|PHR Hotels & Resorts. Shamin now owns almost 50 hotels in Virginia, including 13 in Hampton Roads.
The new properties span a four-block strip of the Oceanfront, close to Neptune’s Park. The hotels offer a significant amount of meeting and banquet space, enabling them to compete for large conferences, Amin says.
“We'll be able to cross-sell the hotels and provide growth opportunities for our associates as we continue to invest in the area,” he says.
Amin says the company has been drawn to the growth of Virginia Beach, which is becoming a year-round destination instead of a seasonal attraction.
“There's a lot of conferences and groups that actually come to the Oceanfront in the spring and fall, off season,” he says.
The company’s latest Virginia Beach property will remain a Sheraton hotel, Amin says. He plans to upgrade the hotel during the next couple of years to make it comparable to the local Hilton properties Shamin owns. The company plans to retain all the hotel workers previously employed by Coastal Hospitality Associates LLC.