NORFOLK, Virginia—CBRE facilitated the sale of the Residence Inn Norfolk Airport, an all-suite, 130-room hotel located in Norfolk, Virginia. LTD Management DBA Lake Wright Hospitality sold the property to a confidential buyer. The seller will remain the manager of the property, and the hotel will undergo renovations including upgrading all common areas and refreshing the guestrooms in 2021. CBRE’s Doug Henkel represented the seller in the transaction.
“The Residence Inn Norfolk Airport is a great investment opportunity as it was a market-leading hotel throughout 2020 with an 84.97 percent occupancy rate,” said Henkel, an executive vice president at CBRE. “Additionally, the Virginia Beach/Norfolk hotel market is expected to make a comeback to 2019 levels sooner than most other markets, with a return to pre-pandemic levels in 2023.”
The hotel is a long-term extended-stay hotel that offers amenities including full kitchens along with separate living, eating, and sleeping areas. It has a business center, fitness center, billiards room, sports court, indoor pool, and a patio equipped with a fire pit and grills. The property is directly adjacent to Norfolk International Airport.
“We are extremely pleased with the tireless efforts of Doug Henkel and the CBRE Hotels team,” said Neel Desi, managing principal for LTD Hospitality Group. “It was through their perseverance that we were able to finalize the sale of our Residence Inn at the Norfolk Airport and achieve our goals while preserving our management of the property.”