Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, announced the acquisition of the Norfolk Waterside Marriott in downtown Norfolk, Virginia. The premium branded full-service hotel and conference center includes 405 rooms, nearly 70,000 SF of meeting/conference center space, and will immediately undergo a comprehensive $25 million renovation throughout the property.
Norfolk Waterside Marriott is located at the corner of Waterside Drive and East Main Street along the Elizabeth River in the heart of downtown. In the immediate proximity is the recently redeveloped Waterside LIVE!, a $60 million mixed use retail and entertainment development by the Cordish Companies, over 1,500 new luxury multi-family units, 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.
Commonwealth Lodging Management, the company’s hotel management affiliate, will operate the hotel.
For more information, visit www.LingerfeltCommonWealth.com.
Source: Lingerfelt CommonWealth Partners, LLC