NORFOLK, Virginia—Grand Bay Advisors, a national hotel advisory firm, closed on the sale of the Hampton Inn Virginia Beach-Oceanfront North. The property was sold for an undisclosed amount to Shamin Hotels, which plans to renovate the hotel and retain the Hampton Inn by Hilton brand.
“Our transaction with Shamin Hotels represents our third Virginia Beach Oceanfront property sale over the past six years,” said Matthew Winston, principal of Grand Bay Advisors. “The Virginia Beach resort-area market outperformed the rest of the United States in year-over-year revenue through much of the pandemic. This company was the most logical purchaser, given they own the neighboring Hilton Oceanfront and Hilton Garden Inn two blocks to the south.”
In addition, the sale makes two transactions to date in 2021 for Grand Bay Advisors, an indicator of recovery in markets such as the Virginia Beach resort area, for hotel owners and the hotel lending community, according to Winston.
Grand Bay Advisors is a full-service hospitality asset management, brokerage, and consulting firm. Its senior partners provide guidance on hotel investment property, including pricing, acquisition and disposition, pro forma modeling, market analysis, and repositioning guidance. In the Hampton Roads region, Winston facilitated transactions for the Quality Inn Oceanfront and Belvedere Oceanfront Resort Hotel in Virginia Beach, and the Courtyard by Marriott Yorktown and the Comfort Inn at Patrick Henry Mall in Newport News. He also provided consulting services to the Founders Inn & Spa Hotel and Convention Center in its conversion to a Tapestry by Hilton.
Winston, who co-founded Grand Bay Advisors in 2017, is a hospitality industry veteran. In addition to Winston, the firm’s senior partners include Sanket Patel, whose hospitality experience includes the development, construction, and operations of over one million square feet of commercial space, and Myong Winston, whose background in corporate sales, process management, and real estate services, has helped the firm grow exponentially.
