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Virginia Beach Oceanfront Hotels Sold | Virginia Beach News
Description
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.
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