Shamin Hotels purchases Va. Beach Hampton Inn
Oceanfront property assessed at $20M
Chesterfield County-based Shamin Hotels has purchased the 120-room Hampton Inn property on Virginia Beach’s Oceanfront, Grand Bay Advisors, which represented the seller in the transaction, announced Friday. The sale amount was not disclosed, but the land and building are assessed at $20.6 million, according to city records.
Norfolk-based Grand Bay said in a news release that the property at 3107 Atlantic Ave. is set for renovation and will retain the Hampton Inn by Hilton brand.
“Our transaction with Shamin Hotels represents our third Virginia Beach Oceanfront property sale over the past six years,” Matthew Winston, principal of Grand Bay Advisors, said in a statement. “The Virginia Beach resort-area market outperformed the rest of the U.S. in year-over-year revenue through much of the pandemic. This company was the most logical purchaser, given they own the neighboring Hilton Oceanfront and Hilton Garden Inn two blocks to the south.”
Shamin Hotels, one of the largest independent hoteliers in the United States, owns more than 60 properties, including several hotels in the Hampton Roads area. Although the hotel industry has been hit hard during the COVID-19 pandemic, Virginia hotel revenues bounced back by 296% in April compared to April 2020, at the height of the shutdown. Virginia Beach saw a 446% increase in year-over-year hotel revenue in April, and work has continued on major Oceanfront developments, including Virginia Beach-based Gold Key | PHR’s projects near its renovated Cavalier Resort.
Gold Key sold the Hilton Garden Inn and the Hilton Oceanfront to Shamin in 2018, after major renovations to the two hotels.
This article has been corrected since publishing.