Hospitality

VIRGINIA BEACH, VA. — A limited liability company led by Bruce L. Thompson has acquired The Cavalier Hotel in Virginia Beach from a court-appointed receiver for $35.7 million. Situated on 21.2 beachfront acres, the property features the original seven-story, 11-room hotel that opened in 1927; an 11-story, 282-room hotel that opened in the 1970s; and a 50,000-square-foot conference center. Amenities include an indoor pool in the original hotel, an outdoor pool adjacent to the newer hotel, outdoor tennis courts, a fitness center, a kids’ play room, food and beverage options at both hotels, and below-grade parking. The property also contains an owner/manager residence, employee housing and an automobile repair garage. The buyer is planning a $259 million capital improvements project that will include the restoration of the original hotel. Representing the receiver, Charles Goldstein of Protiviti, in negotiations was Mike Matlat of DJM Realty and the CBRE|Hotels team of Doug Henkel, Tom Ives, Lew Miller, Andy Wimsalt and Kym Halsted.

FORT LAUDERDALE, FLA. — An affiliate of Miami-based Gencom has acquired the Ritz-Carlton Fort Lauderdale for an undisclosed amount. Constructed in 2008 as a St. Regis-branded hotel, the beachfront property was converted to the Ritz-Carlton brand in 2008. It features 166 rooms and suites as well as 28 third-party owned condo-hotel units that participate in the hotel’s rental program. Its amenities include gourmet dining options, a seventh-floor pool deck with private cabanas, more than 24,000 square feet of event space, an 8,500-square-foot spa, a 24-hour business center and valet parking service. The hotel also has a prime location at 1 N. Fort Laurderdale Blvd., close to Fort Lauderdale-Hollywood International Airport. The Holliday Fenoglio Fowler team of Daniel Peek, Manny de Zarraga, Max Commess, Paul Hsu and Chris Lingerfelt represented the undisclosed seller in the deal.

ATLANTA, GA. — Mall Properties Inc. (MPI) has acquired the Sheraton Suites Galleria hotel in Atlanta for $21 million. Constructed in 1990, the 17-story hotel is located at the intersection of interstates 75 and 285 in the city’s Cumberland submarket. It features 277 suites, 4,000 square feet of meeting space, full-service dining options, heated indoor and outdoor pools, 24-hour business center, fitness center and a five-story parking deck. It is connected via pedestrian bridge to the Cobb Galleria Convention Centre. MPI plans to complete a $9 million capital improvements program to the property that will include upgrades to all guest rooms, construction of a Sheraton Club lounge, expansion of the fitness center, and upgrades to all food and beverage facilities. The purchase represents MPI’s first hotel acquisition in the Atlanta area, but the company does own the Akers Mill Square retail center, which is located one mile from the Sheraton Suites.