In Brief: Ascendant Capital Partners has acquired an eight-hotel portfolio totaling 965 rooms in Virginia Beach, Virginia, and the Outer Banks, North Carolina, from Coastal Hospitality Associates, LLC.
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SpringHill Suites by Marriott Virginia Beach Oceanfront – Image Credit Marriott International
Ascendant Capital Partners has acquired an eight-hotel portfolio from Coastal Hospitality Associates, LLC, comprising 965 rooms across six hotels in Virginia Beach, Virginia, and two hotels in the Outer Banks, North Carolina. Seven of the eight hotels are beachfront properties, with most rooms offering direct ocean views and outdoor balconies. The remaining hotel is located in the town center of Virginia Beach.
The portfolio was assembled over several decades by Thomas J. Lyons, Jr., founder of Coastal Hospitality, beginning with the acquisition of a 12-room inn in 1968. Lyons went on to develop nearly 40 hotels across Virginia and North Carolina.
The eight hotels included in the transaction are SpringHill Suites by Marriott Virginia Beach Oceanfront, Residence Inn by Marriott Virginia Beach Town Center, Residence Inn by Marriott Virginia Beach Oceanfront, Fairfield by Marriott Inn & Suites Virginia Beach Oceanfront, Holiday Inn VA Beach-Oceanside, Holiday Inn Express & Suites VA Beach Oceanfront, Holiday Inn Express Nags Head Oceanfront, and Holiday Inn Express Kitty Hawk – Outer Banks. Five of these hotels have been extensively renovated since 2022.
Schulte Hospitality Group will assume operations of the portfolio. Ascendant Capital Partners plans to implement targeted capital and operational enhancements, including select guest-facing improvements.
The portfolio benefits from long-standing leisure travel as well as government, military, and group demand drivers. CBRE Hotels served as sell-side advisor to Coastal Hospitality, and CBRE Debt & Structured Finance served as financing advisor to Ascendant Capital Partners.