Comfort Suites Beachfront Virginia Beach 2321 Atlantic Ave

Berkadia Hotels & Hospitality has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the 108-room Comfort Suites Beachfront (the ‘Hotel’, ‘Property, or ‘Asset’) through an auction sales process via Ten-X (occurring Wednesday, April 16th). The Comfort Suites is an 11-story, all-double suite, concrete, and steel-built Hotel with a premier oceanside location that features panoramic waterfront views and direct beach access. The Asset is being offered at a steep discount to replacement cost and recent comparable sales, and is fee simple, non-union, and unencumbered of management, providing a new owner with significant operational flexibility. Additionally, with potential branding optionality and limited associated liquidated damages, a new owner has the ability to convert to one of the industry’s leading flags within the Marriott, Hilton, Hyatt, or IHG brand family, affiliating the Hotel with their extensive global loyalty programs to drive market share and reposition the Asset in the market with a higher rated mix of business and enhanced top-line performance.

The Asset is ideally located in a renowned east coast tourist destination – Virginia Beach – that attracts over 14 million visitors annually who spend upwards of $2.5 billion. Strategically positioned directly on the Atlantic Ocean beachfront along Atlantic Avenue, the Asset is well connected to the resort destination’s primary leisure demand generators such as the Virginia Beachfront (38 miles), First Landing State Park (1 million annual visitors), Virginia Beach Boardwalk, Virginia Aquarium & Marine Science Center, Cape Henry Lighthouse, Vibe Creative Arts District, and recording artist Pharrell Williams’ $350 million future Atlantic Park Entertainment District & Wave Pool, which is located just 0.4 miles from the Asset. Moreover, just a 20-minute drive from the Hotel, the Oceana Naval Air Station ($1.1 billion annual economic impact) provides a significant and consistent military presence to the region with 10,500 active Navy personnel and over 17,000 students who are trained at the base each year. The Property is also able to capitalize on corporate and group demand stemming from the Virginia Beach Convention Center and prominent organizations such as GEICO (247,000-square-foot Virginia Beach campus), in addition to the tenants occupying the 2.4 million square feet of office space within the central business district. Coupled with a highly accessible location proximate to I-264 (184K VPD), a multi-billion-dollar construction pipeline, no new hotels under construction and only one in-planning within an 8-mile radius of the Asset, the Comfort Suites presents a compelling investment opportunity in the current economic landscape.

The Comfort Suites boasts a structured parking garage (108 spaces; currently charges $0 for parking), an outdoor pool/sundeck, a fitness center, and 1,000 square feet of meeting space with ocean views.

Property tours are available by appointment only. Please contact the broker to schedule.