By John Ulmer
CoStar Research
June 8, 2021 | 3:10 P.M.
Shamin Hotels has scored its latest oceanfront hotel in Virginia Beach, Virginia.
The firm completed a deal with Ocean Ranch Realty Corp. to acquire the Hampton Inn Virginia Beach-Oceanfront North, a 120-room hotel steps from the beach along the Virginia Beach boardwalk. Terms of the deal were not disclosed.
The purchase comes as the Virginia Beach resort-area market outperformed the rest of the U.S. in year-over-year revenue through much of the coronavirus pandemic, Matthew Winston, principal of national hotel advisory firm Grand Bay Advisors, said in a statement. Hotel activity has also picked up as capacity restrictions have been lifted and tourists head to the beach amid the warmer weather.
Shamin is a Chester-based company that owns about 100 hotels mainly in the Hampton Roads and Richmond markets. Its portfolio includes the neighboring Hilton Oceanfront, a 289-room, 21-story high-rise the firm bought along with the 167-room Hilton Garden Inn Virginia Beach Waterfront in 2018 for more than $126.5 million.
Shamin plans to renovate the Hampton Inn Virginia Beach-Oceanfront North and retain the Hampton Inn by Hilton brand, according to a release from Grand Bay Advisors.
The eight-story hotel was originally built in 1988 at 3107 Atlantic Ave. and totals more than 100,000 square feet. Amenities include direct beach access, a pool, fitness center and business center.
Grand Bay Advisors offers expertise in Development, Asset Management and Hotel Transactions, servicing Institutional Investors, Large & Mid-size Hotel Companies, High Net-worth Individuals and Owner/ Operators. With over twenty years of experience in Hotel Management and twelve years of experience reviewing over $1.0 billion in hotel deals, we understand hotels as an investment.