NORFOLK, Virginia—Grand Bay Advisors, a national hotel advisory firm, closed on the sale of the Hampton Inn Virginia Beach-Oceanfront North. 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. “The Virginia Beach resort-area market outperformed the rest of the United States 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.