Affiliates of Paceline Equity Partners Acquire Full-Service Delta Hotel Virginia Beach Bayfront Suites | New
DALLAS–(BUSINESS WIRE)–June 15, 2022–
Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that it has acquired the Delta Hotel Virginia Beach Bayfront Suites, a full-service, all-suite hotel located on the north shore of Virginia Beach, Virginia. The property is located less than 10 miles from the heart of Virginia Beach and Atlantic Ave. The acquisition will be Paceline’s second strategic partnership with BlackPearl Capital, a group with significant experience investing and operating in the hospitality industry.
The Delta Hotel Virginia Beach Bayfront Suites was built in 1986 and recently underwent a complete renovation, conversion and rebranding which was completed in 2021. The all-suite hotel The 295-room hotel has 12,000 square feet of meeting space and is the only hotel in the area that owns and can operate its own beachfront. Resort amenities include two restaurants, a fitness center, an outdoor pool and direct access to the private beach. Proceeds from all of the Delta’s suites cater to the Virginia Beach leisure-drive market, which welcomes more than 19 million visitors annually.
“The Delta Hotel Virginia Beach Bayfront Suites represents our first full-service hotel investment in a dominant drive-to-leisure market and the eighth hotel in our growing real estate portfolio. The hotel has quickly seen strong bookings following the recent refurbishment and conversion, demonstrating how well positioned the property is to capitalize on continued consumer demand for leisure travel in the center of the Atlantic,” said Sam Loughlin, CEO of Paceline.
“Paceline’s acquisition of the Delta Hotel Virginia Beach Bayfront Suites further underscores our ability to leverage our relationships with our strategic partners to continue to grow our portfolio through the acquisition of well-positioned, high-quality assets at an attractive entry point,” added Leigh Sansone, Chief Investment Officer of Paceline. “We are excited about the growth opportunities within the Virginia Beach submarket over the next few years and the hotel’s ability to capitalize on its unique physical location and combination of amenities that cater to a wide variety of customers.”
About Paceline Equity Partners
Paceline is a Dallas-based private equity manager focused on value-oriented, opportunistic, and special-situation investments in private equity, corporate credit, and real assets. The members of Paceline’s management team have an average of 24 years of professional experience. Prior to Paceline’s formation, the management team worked together for approximately 10 years at a global private equity manager and its subsidiaries. To learn more, please visit www.pacelineequity.com.
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Nathaniel Garnick/Grace Cartwright
Gasthalter & Cie.
KEYWORD: TEXAS VIRGINIA UNITED STATES NORTH AMERICA
SECTOR KEYWORD: PROFESSIONAL SERVICES HOLIDAYS FINANCE DESTINATIONS BANKING TRAVEL
SOURCE: Paceline Equity Partners
Copyright BusinessWire 2022.
PUBLICATION: 06/15/2022 08:00 / DISK: 06/15/2022 08:02
Copyright BusinessWire 2022.