Chester-based Shamin buys two Virginia Beach Oceanfront Hotels; deal also includes Neptune’s Park
Shamin Hotels, the Richmond region’s largest hotel operator, bought two hotel properties along the oceanfront in Virginia Beach. The Chester-based company acquired the Hilton Virginia Beach Oceanfront and the Hilton Garden Inn Virginia Beach Oceanfront. The purchase also included Neptune’s Park, a half-acre grassy beachfront area next to the Hilton hotel that frequently has live music and events, and about 26,000 square feet of retail space across the street from the Hilton. The deal closed Aug. 31, said Neil Amin, the company’s president and CEO.
Shamin bought the properties from Virginia Beach-based Gold Key|PHR Hotels & Resorts, which owned and managed both hotels. The purchase price was not disclosed. The sale of the two properties had not been recorded on the City of Virginia Beach’s property records website. But the 289-room Hilton was assessed for $36.1 million, and the Hilton Garden Inn was assessed for $34.4 million, Virginia Beach property records show. Amin said his company was attracted to buying the Hilton property because it is next to Neptune’s Park where numerous events and concerts are held year-round. The hotel also has a rooftop infinity pool and rooftop bar.
Gold Key|PHR also recently completed a $13 million renovation on the Hilton property. The renovation of the guest rooms took place in phases starting in 2016 and was completed in the first quarter of 2018.
“We congratulate Gold Key|PHR for having the vision to develop an entertainment destination at the center of the beach with oceanfront resort hotels, award-winning restaurants, a rooftop bar and infinity pool, Neptune’s Park concert venue, oceanfront meeting space and retail,” Amin said. “We look forward to working with this talented team of associates to continue to provide memorable experiences for all of our guests.”
The purchase marks the 57th and 58th properties that Shamin owns. It has hotels in Virginia, Maryland, North Carolina, Florida, New York and Colorado, with 36 properties in the Richmond region. The deals also represent the sixth and seventh hotels the company has bought this year. Those properties include an 81-room Hampton Inn in Lower Manhattan acquired for $32.4 million.The company’s total year-to-date investment is more than $200 million, Amin said.
The company operates 11 hotels in Hampton Roads, including the two new ones in Virginia Beach and another nearby hotel — the Econo Lodge Oceanfront. Story originally posted HERE