Lingerfelt Acquires Norfolk Waterside Marriott
The company purchased the 405-key hotel and plans on implementing a $25 million renovation program. CommonWealth Lodging Management, Lingerfelt's hotel management affiliate, will operate the hotel.
By IvyLee Rosario
Norfolk Waterside Marriott, Norfolk, Va.
Lingerfelt CommonWealth Partners has acquired Norfolk Waterside Marriott in downtown Norfolk, Va. The company has plans to immediately begin a comprehensive $25 million renovation throughout the property. CommonWealth Lodging Management, Lingerfelt’s hotel management affiliate, will operate the hotel.
The 405-key property is located at the corner of Waterside Drive and East Main Street, along the Elizabeth River in the heart of downtown. Norfolk Waterside Marriott boasts 26 meeting rooms totaling 70,000 square feet, free Wi-Fi, buffet breakfast, three restaurants, a fitness and business center and indoor pool and whirlpool.
Within close proximity to the asset is the recently redeveloped Waterside LIVE!, a $60 million mixed-use retail and entertainment development by the Cordish Cos. The Granby Street retail and restaurant corridor; the newly delivered office of Automatic Data Processing which will house over 1,800 employees; and MacArthur Mall which offers 1.2 million square feet of shopping, restaurants and entertainment are also nearby.
Earlier this year, Lingerfelt sold its 243-key Richmond Marriott Short Pump for $38.5 million to FPLC Richmond LLC.
Image courtesy of Lingerfelt CommonWealth Partners
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