NORFOLK, VA – CBRE|Hotels & DJM Realty a Gordon Brothers Group company, are pleased to announce the sale of The Cavalier Hotel at 4201 Atlantic Ave. in Virginia Beach, Va. to Bruce L. Thompson’s Cavalier Associates, LLC for $35.7M. The historic hotel that boasts how it “made Virginia Beach famous” has hosted presidents and other celebrities since it opened its doors in 1927.
Comprised of two full-service hotels in Virginia Beach’s north end, the original 7-story, 110-room historic hotel sits on the hill overlooking the 11-story, 282-room hotel that opened in the 1970s.
“There has been much discussion over the future of The Cavalier since its sale was announced,” said Doug Henkel, Executive Vice President of CBRE|Hotels. “We had strong interest from multiple buyers, but in the end our client, the receiver Charles Goldstein Managing Director with Protiviti, Inc., settled on The Cavalier Associates, LLC and the sale was affirmed by the court. Cavalier Associates, LLC is planning a $259M project, which includes the restoration of the old Cavalier Hotel on the hill.”
The Cavalier Hotel complex has over 50,000 square feet of meeting and function space. Along with the two hotels and conference center, the facilities include an indoor pool in the original hotel, an outside pool and kiddie pool adjacent to the newer hotel, outdoor tennis courts along with a fitness center, kid’s play room, food and beverage outlets at both locations, and a below-grade parking garage. Additionally, on the approximately 21.2 acre property is an owner/manager residence, employee housing and automobile repair garage.
Doug Henkel, Tom Ives, Lew Miller, Andy Wimsatt and Kym Halsted of CBRE|Hotels and Mike Matlat with DJM Realty represented the seller.
About CBRE – Hampton Roads
CBRE |Hampton Roads is an affiliate office of CBRE Inc. serving the Hampton Roads region. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; and valuation and appraisal. In 2012, the Hampton Roads offices completed over $775 million in sales and leasing transactions. For more information about the Norfolk or Newport News offices, visit our websites, www.cbre.com/norfolk or www.cbre.com/newportnews.
About DJM Realty
DJM Realty is the rest estate arm of 110-year-old, Gordon Brothers Group with offices in Boston, New York, San Francisco, Atlanta, London, Cologne and Tokyo. Founded in 1992 and headquartered in New York, DJM is a worldwide provider of strategic real estate solutions in healthy and distressed situations. We combine experienced professionals, technology, research and abundant capital to provide real estate disposition, restructuring, auditing, mergers and acquisitions and advisory services. For more information, please visit www.djmrealty.com.
About CBRE – Mid-South Region
CBRE is the only global real estate services firm with offices in Norfolk, Newport News, Richmond, Charlottesville, and Fredericksburg, VA, and Raleigh and Greensboro, NC. These offices are collectively referred to as the Mid-South region. The CBRE Mid-South offices (excluding Northern Virginia and Charlotte, NC offices) completed $2.4 billion of sales and leasing transactions in 2012.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. Please visit our website at www.cbre.com.