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Virginia Beach Holiday Inn sells for $16.25M
New owner plans $6M renovation for 307-room hotel
The Holiday Inn Virginia Beach – Norfolk sold for $16.25 million. Photo courtesy CBRE.
The Holiday Inn Virginia Beach – Norfolk sold for $16.25 million. Photo courtesy CBRE.
Virginia Beach Holiday Inn sells for $16.25M
New owner plans $6M renovation for 307-room hotel
Katherine Schulte //January 19, 2024//
A 307-room Holiday Inn in Virginia Beach sold for $16.25 million in mid-December 2023, according to city property records.
The six-story Holiday Inn Virginia Beach – Norfolk, located at 5655 Greenwich Road, was built in 1981, property records show. It opened in 1982, according to a news release from commercial real estate firm CBRE, and the 6.6-acre property has 421 parking spaces. The hotel has more than 22,000 square feet of event space and an on-site restaurant and cocktail lounge, as well as a fitness center, convenience store, business center and heated outdoor pool.
Blenheim Hotels sold the hotel to Harmony Investments. Doug Henkel with CBRE Hotels represented Blenheim Hotels.
Harmony Hospitality plans to perform a $6 million renovation as part of a 20-year licensing agreement with IHG Hotels & Resorts. Since 2010, Blenheim Hotels has spent about $13.4 million on renovations.
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