HISTORIC CAVALIER HOTEL SELLS FOR $35.7 MILLION

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.