The resort is comprised of The Historic Cavalier Hotel and Beach Club, Autograph Collection, an 85-room historic landmark hotel that was built in 1927 and extensively renovated in 2018; the 305-room Marriott Virginia Beach Oceanfront Resort, which opened in 2020; and the 157-room Embassy Suites Virginia Beach Oceanfront Resort, an all-suite hotel which opened in 2023 and is the newest hotel in Virginia Beach.
Set on more than 15 acres of beachfront real estate at the northern end of the Virginia Beach Boardwalk, the property features nine restaurants, an exclusive beach club, six pools and a full-service spa.
The vision for the resort was created by hotelier and developer Bruce Thompson, CEO, Gold Key/PHR. It began with the $85-million restoration of the Historic Cavalier, which was followed by the ground-up development of the Marriott and Embassy Suites.
“While numerous parties have approached us about acquiring The Cavalier Resort, Wheelock Street Capital was the first with a demonstrated track record of financial acumen and asset stewardship to preserve and enhance these assets,” said Thompson. “We have confidence that Wheelock will continue this performance at The Cavalier. Gold Key/PHR will continue to build upon our 40-year history for creating and developing iconic hospitality and real estate assets in the Mid-Atlantic region.”
Tim Hodes, managing director/head of hotel investments, Wheelock, said, “The opportunity to invest in irreplaceable real estate in one of the fastest-growing and most dynamic resort markets in the U.S. is something that we are excited to close on. We look forward to becoming part of the Virginia Beach community and continuing to steward and build upon the outstanding resort that Gold Key developed.”
Clark Hanrattie, partner, HEI Hotels & Resorts, added, “We welcome this opportunity to invest alongside our partners at Wheelock in these remarkable properties. The resort has established an extraordinary reputation for providing an outstanding guest experience through high-quality facilities, excellent food and beverage and signature events. As property manager, HEI will ensure that The Cavalier Resort remains one of the best resorts in the Mid-Atlantic.”
CBRE’s Hotel Investment Sales team represented Gold Key, and CBRE’s Debt & Structured Finance Team arranged acquisition financing for Wheelock Street Capital.
Tags: Bruce Thompson, Key/PHR Clark Hanrattie, HEI Hotels & Resorts Tim Hodes, Wheelock
