Ascendant Capital Partners (Ascendant) has purchased a portfolio of eight hotels from Coastal Hospitality Associates for an undisclosed sum.
The portfolio includes 965 rooms spread across six hotels in Virginia Beach, Virginia, and two in the Outer Banks, North Carolina.
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Seven of the assets are situated directly on the waterfront, with most guest rooms featuring ocean views and balconies.
Five of the properties have been refurbished since 2022.
The acquired assets include Fairfield by Marriott Inn & Suites Virginia Beach Oceanfront, Residence Inn by Marriott Virginia Beach Town Center, and SpringHill Suites by Marriott Virginia Beach Oceanfront.
The assets were gradually accumulated over several decades by Coastal Hospitality’s late founder, Thomas Lyons.
Coastal Hospitality president Christopher Brown said: “We have built and operated this portfolio with an unwavering commitment to delivering exceptional guest experiences, and we are proud of the operational success and renovations we’ve achieved under our ownership.
“Ascendant brings deep expertise in hospitality, and we are confident their team will build on the strong foundation that has been established across the portfolio.”
Ascendant intends to carry out focused capital projects and operational adjustments across the portfolio, including selected guest-facing upgrades aimed at improving performance and customer experience.
Commenting on the acquisition, Ascendant co-founder and chief investment officer Alex Halpern said: “This transaction reflects the continued execution of our differentiated hospitality strategy, which is focused on high-quality assets in dynamic, supply-constrained markets with resilient demand drivers.”
On completion of the deal, Schulte Hospitality Group assumed operational control of the eight hotels.
