CBRE Hotels, DJM Realty Sell The Cavalier Hotel
Monday July 29th, 2013 - 3:46PM F
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NORFOLK, VA—CBRE Hotels and DJM Realty have sold The Cavalier Hotel, a famous Virginia Beach hotel, to Bruce L. Thompson’s Cavalier Associates, LLC for $35.7 million.
The property is comprised of two full-service hotels: the original seven-story, 110-room property that opened in 1927 and the 11-story, 282-key hotel that opened in the 1970s.
The complex features more than 50,000 sq. ft. of meeting and function space, an indoor pool in the original hotel, an outdoor pool and kiddie pool next to the newer addition, outdoor tennis courts, a fitness center, kid’s play room, f&b outlets at both hotels and a below-grade parking garage.
Doug Henkel, Lew Miller, Andy Wimsatt and Kym Halsted from CBRE Hotels and Mike Matlat of DJM Realty represented the seller.
Tags: • Hospitality • Brokers •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.