Announced
Completed
Financials
Tags
Majority
Completed
hotel
real estate
Private Equity
Private
Real Estate
Domestic
building
Acquisition
Single Bidder
United States
Real Estate Holding and Development
Friendly
Synopsis
Paceline Equity Partners, a private equity company, completed the acquisition of Delta Hotel Virginia Beach Bayfront Suites, a full-service, all-suite hotel located on the northern coast of Virginia Beach. Financial terms were not disclosed. “The Delta Hotel Virginia Beach Bayfront Suites represents our first full-service hospitality investment in a dominant drive-to-leisure market and eighth hotel in our expanding real estate portfolio. The hotel quickly experienced strong bookings upon completion of the recent renovation and conversion, demonstrating how well-positioned the property is to capitalize on continued consumer demand for leisure travel in the mid-Atlantic,” Sam Loughlin, Paceline Chief Executive Officer.
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