Lingerfelt CommonWealth Partners to Purchase and Rebrand Virginia Beach Resort Hotel & Conference Center With $44 Million Capital Investment

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USA, Virginia Beach, Virginia. May 22, 2018

Lingerfelt CommonWealth Partners, LLC, a vertically integrated, real
estate income fund management firm headquartered in Richmond, Va., will
purchase the Virginia Beach Resort Hotel & Conference Center at 2800
Shore Drive for $19 million. Lingerfelt CommonWealth Partners has hired
Commonwealth Lodging Management, LLC, a hospitality management and
consulting firm headquartered in Virginia Beach, to operate and manage
the hotel/conference center, which comprises 263,328 square feet with
295 suites on a 3.6-acre site along the Chesapeake Bay.

Lingerfelt CommonWealth Partners plans a major $25 million renovation
to the property and will rebrand it as Delta Hotel by Marriott,
Marriott's newest upscale, full-service brand designed for business and
leisure travelers. The new hospitality brand currently has more
than 12,000 rooms in 50 operating hotels across the U.S., Canada and
China. Powered by Marriott's industry-leading digital, sales and
marketing engines, Delta Hotels is poised for U.S. and global growth.

“This investment in the Shore Drive corridor aligns with the City's
vision for this dynamic Chesapeake Bay-fronted business and residential
community,” said Virginia Beach Economic Development Director Warren D.
Harris. “We are confident that Lingerfelt CommonWealth Partners and
Commonwealth Lodging Management will deliver an outstanding new product
to the market.”

Delta Hotels competes in the upscale tier with an efficient
full-service cost model for prospective owners. For consumers, Delta
Hotels provides essentials for the modern business traveler, from rooms
with free Wi-Fi to fitness and dining options that fit seamlessly into
the travel flow.

“We are excited about this opportunity to expand our portfolio with the addition of this great asset located on the Chesapeake Bay in Virginia Beach,” said Duane Gauthier, managing director of Commonwealth Lodging Management. “With our significant reinvestment to renovate this asset into Delta Hotel by Marriott, combined with Commonwealth Lodging's proven track record delivering exceptional guest service, we are confident this location will be the premier all-suite hotel anchoring the North End of Virginia Beach.”

Commonwealth Lodging Management has significant experience in the management of nationally franchised hotel assets with a strong background in hotel operations, franchise relations, development and hotel finance. Other managed hotel properties include Norfolk Waterside Marriott, Richmond Marriott Short Pump, Fairfield Inn by Marriott Orlando Airport, Courtyard by Marriott Gastonia, DoubleTree Atlanta, Sheraton Suites Wilmington, DoubleTree Norwalk, Hilton Garden Inn Jacksonville Southbank and Homewood Suites by Hilton Jacksonville Southbank.

The Virginia Beach Development Authority has approved an Economic Development Investment Program grant in the amount of $200,000 based on the company's capital investment of $25 million. The grant funds will be used toward the major renovation and reinvestment in the Shore Drive corridor.