Posted by CoVaBizMag
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.”