Shamin Inns buys Va. Seaside Hampton Inn
Oceanfront assets assessed at $20M
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Kate Andrews
Chesterfield County-based Shamin Motels has ordered the 120-room Hampton Inn residence on Virginia Beach’s Oceanfront, seller Grand Bay Advisors declared Friday. The sale amount was not disclosed, but the land and building are assessed at $20.6 million, according to town documents.
Norfolk-based mostly Grand Bay stated in a news release that the property at 3107 Atlantic Ave. is set for renovation and will retain the Hampton Inn by Hilton brand name.
“Our transaction with Shamin Resorts signifies our 3rd Virginia Beach Oceanfront assets sale more than the previous 6 years,” Matthew Winston, principal of Grand Bay Advisors, explained in a assertion. “The Virginia Seaside resort-place current market outperformed the rest of the U.S. in 12 months-in excess of-12 months revenue by a great deal of the pandemic. This business was the most logical purchaser, supplied they individual the neighboring Hilton Oceanfront and Hilton Backyard Inn two blocks to the south.”
Shamin Hotels, one particular of the major unbiased hoteliers in the United States, owns additional than 60 homes, like a number of accommodations in the Hampton Streets area. While the resort market has been hit tough through the COVID-19 pandemic, Virginia lodge revenues bounced back by 296% in April compared to April 2020, at the peak of the shutdown. Virginia Seaside observed a 446% raise in calendar year-over-12 months resort profits in April, and work has continued on main Oceanfront developments, like Virginia Seaside-centered Gold Critical | PHR’s jobs around its renovated Cavalier Resort.
Gold Essential marketed the Hilton Backyard garden Inn and the Hilton Oceanfront to Shamin in 2018, just after significant renovations to the two accommodations.
