Virginia Beach Oceanfront Hotels Sold | Virginia Beach News

A historic Virginia Beach Oceanfront real estate deal just closed, with Wheelock Street Capital paying over $174 million for the Cavalier Hotel, Marriott, and Embassy Suites. The landmark Cavalier, reopened in 2018 after an $85 million renovation (35 million over budget), is now under HEI Hotels & Resorts management. The city’s earlier investments have already paid off, with $18 million recovered in taxes by 2021 and projected $9.5 million in annual revenue. This major ownership shift signals a new chapter for these iconic properties and their role in the local economy. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a706e76ec2ab3100