Ascendant Capital Partners Acquires Eight-Hotel Portfolio
The 965-key portfolio is composed almost entirely of beachfront properties.
Ascendant Capital Partners has acquired an eight-hotel, 965-key portfolio from Coastal Hospitality Associates LLC. A price for the transaction was not disclosed.
The portfolio comprises predominantly beachfront rooms across six hotels in Virginia Beach, Va., and two hotels in Outer Banks, N.C.
The buyer intends to implement targeted capital and operational enhancements across the portfolio, including guest-facing improvements. Schulte Hospitality Group will assume operations of the portfolio.
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The portfolio consists of eight select-service hotels, five of which have been extensively renovated since 2022:
• SpringHill Suites by Marriott Virginia Beach Oceanfront
• Residence Inn by Marriott Virginia Beach Town Center
• Residence Inn by Marriott Virginia Beach Oceanfront
• Fairfield by Marriott Inn & Suites Virginia Beach Oceanfront
• Holiday Inn Virginia Beach-Oceanside
• Holiday Inn Express & Suites Virginia Beach Oceanfront
• Holiday Inn Express Nags Head Oceanfront
• Holiday Inn Express Kitty Hawk–Outer Banks
Seven of the eight properties are beachfront, with most rooms offering direct ocean views and outdoor balconies, while the remaining asset is a town center hotel.
CBRE Hotels advised Coastal Hospitality, and CBRE Debt & Structured Finance was the financing advisor to Ascendant.
Ascendant said that the portfolio had been assembled over decades by Coastal Hospitality’s founder, the late Thomas J. Lyons Jr. Starting with the acquisition of a 12-room inn in 1968, Lyons developed nearly 40 hotels across Virginia and North Carolina.
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