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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.