From a press release issued by Grand Bay Advisors
Grand Bay Advisors, a national hotel advisory firm, closed on the sale of the Hampton Inn Virginia Beach-Oceanfront North, located at 3107 Atlantic Avenue, representing a significant transaction for the Norfolk-based company. The property was sold for an undisclosed amount to Shamin Hotels, which plans to renovate the hotel and 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,” said Matthew Winston, principal of Grand Bay Advisors. “”he 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.”
In addition, the sale makes two transactions to date in 2021 for Grand Bay Advisors, an indicator of recovery in markets such as the Virginia Beach resort area, for hotel owners and the hotel lending community, according to Winston.
Grand Bay Advisors is a full-service hospitality asset management, brokerage and consulting firm. Its senior partners provide guidance on hotel investment property, including pricing, acquisition and disposition, pro forma modeling, market analysis and repositioning guidance. In the Coastal Virginia region, Winston facilitated transactions for the Quality Inn Oceanfront and Belvedere Oceanfront Resort Hotel in Virginia Beach, and the Courtyard by Marriott Yorktown and the Comfort Inn at Patrick Henry Mall in Newport News. He also provided consulting services to the Founders Inn & Spa Hotel and Convention Center in its conversion to a Tapestry by Hilton.