LOS ANGELES — Los Angeles-based Ascendant Capital Partners has acquired an eight-property hotel portfolio across Virginia Beach and North Carolina’s Outer Banks region. CBRE Hotels, the hospitality division of CBRE Group, represented the seller, Coastal Hospitality, in the transaction. CBRE also served as financial advisor on behalf of Ascendant. The sales price was not disclosed. Schulte Hospitality Group will assume operations of the portfolio.
The portfolio comprises 965 rooms across six hotels in Virginia and two hotels in the Outer Banks. Seven of the eight properties are beachfront, with most rooms offering direct ocean views and outdoor balconies, while the remaining asset is a centrally located town center hotel. The properties include:
- 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 (Nags Head, N.C)
- Holiday Inn Express Kitty Hawk (Kitty Hawk, N.C)
Ascendant plans to implement capital and operational renovations across the properties.