{"id":1004055066,"date":"2012-12-12T09:02:52","date_gmt":"2012-12-12T17:02:52","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=87899"},"modified":"2020-05-21T23:22:43","modified_gmt":"2020-05-22T07:22:43","slug":"sheraton-norfolk-waterside-heads-to-auction-block-dec-20","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sheraton-norfolk-waterside-heads-to-auction-block-dec-20\/","title":{"rendered":"Sheraton Norfolk Waterside Heads to Auction Block Dec. 20"},"content":{"rendered":"

By Adrian Maties, Associate Editor <\/em><\/p>\n

The Sheraton Norfolk Waterside Hotel, long regarded as one of the city\u2019s top hospitality assets, is headed for a Dec. 20 foreclosure sale, according to a legal notice published Dec. 6 in the Virginian-Pilot<\/em>.<\/p>\n

Phf li Norfolk L.L.C. had previously acquired the 468-key, 10-story hotel \"\"<\/a> for $40 million in Oct. 2006 from Norfolk Hospitality L.L.C. Since then, the property\u2019s value has dropped as low as $31.4 million in 2011, according to city records. In July, the hotel was assessed at $32.1 million.<\/p>\n

Property assets listed in the legal notice amount to $197 million. The hotel\u2019s furniture, furnishings, machinery and equipment will also be sold.<\/p>\n

Located at 777 Waterside Drive on a 3.4-acre parcel close to the Elizabeth River, the 10-story, 323,520-square-foot property was built in 1976. More than half of the hotel\u2019s guest rooms offer a private balcony with a harbor view. Amenities include 35,000 square feet of meeting and event space, an outdoor pool, health club, lounge and the City Dock Restaurant.<\/p>\n

Adjacent to the hotel, the Cordish Cos. plans a $38 million makeover of the Waterside Festival Marketplace into a new entertainment\/restaurant venue, Inside Business <\/em>reports. The Sheraton Norfolk Waterside is near Norfolk Naval Base, Norfolk City Hall, the Norfolk Convention Center, museums and universities.<\/p>\n

A public auction is scheduled for Dec. 20 at 1 p.m. at the Norfolk Circuit Courthouse on St. Paul\u2019s Blvd. Prospective bidders may be required to put up a $100,000 deposit. The property will continue to operate during the ownership transition.<\/p>\n

Photo credit: www.sheratonnorfolkwaterside.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Sheraton Norfolk Waterside Hotel, one of Norfolk’s most prestigious lodgings, will be auctioned off on December 20.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[3457],"class_list":["post-1004055066","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads","tag-hampton-roads"],"acf":[],"yoast_head":"\nSheraton Norfolk Waterside Heads to Auction Block Dec. 20 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sheraton-norfolk-waterside-heads-to-auction-block-dec-20\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sheraton Norfolk Waterside Heads to Auction Block Dec. 20\" \/>\n<meta property=\"og:description\" content=\"The Sheraton Norfolk Waterside Hotel, one of Norfolk’s most prestigious lodgings, will be auctioned off on December 20.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sheraton-norfolk-waterside-heads-to-auction-block-dec-20\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-12T17:02:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T07:22:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/she171ex.60746_lg.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sheraton-norfolk-waterside-heads-to-auction-block-dec-20\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sheraton-norfolk-waterside-heads-to-auction-block-dec-20\/\",\"name\":\"Sheraton Norfolk Waterside Heads to Auction Block Dec. 20 - 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