Wheelock Avenue Capital Declares Acquisition of the Cavalier Resort
GREENWICH, Connecticut—Wheelock Avenue Capital launched it has received the Cavalier Resort in Virginia Seashore in partnership with HEI Resorts & Accommodations. CBRE’s Resort Investment Gross sales personnel represented Gold Key, and CBRE’s Debt & Structured Finance Team arranged acquisition financing for Wheelock Avenue Capital.
The Cavalier Resort is made from The Historical Cavalier Resort and Seashore Membership, Autograph Collection, an 85-room landmark resort that became as soon as constructed in 1927 and renovated in 2018, the 305-room Marriott Virginia Seashore Oceanfront Resort, which opened in 2020, and the 157-room Embassy Suites Virginia Seashore Oceanfront Resort, an all-suite resort which opened in 2023 and is the most contemporary resort in Virginia Seashore.
Region on extra than 15 acres of beachfront accurate property on the northern discontinue of the Virginia Seashore Boardwalk, the Cavalier Resort entails nine outstanding ingesting areas, an entertaining seashore club, six swimming pools, and a fat-carrier spa.
The imaginative and prescient for this resort became as soon as created by hotelier and developer Bruce Thompson, chief executive officer of Gold Key. It started with the $85 million restoration of the Historical Cavalier, which became as soon as adopted by the flooring-up pattern of the Marriott and Embassy Suites.
Statements From Management
“While a host of parties have approached us about procuring the Cavalier Resort, Wheelock Avenue Capital became as soon as the first with a demonstrated tune document of enterprise acumen and asset stewardship to retain and beef up these resources. We’ve self assurance that Wheelock will proceed this efficiency on the Cavalier,” acknowledged Bruce Thompson, chief executive officer of Gold Key.“Gold Key/PHR will proceed to originate upon our 40-year historical previous for creating and constructing iconic hospitality and accurate property resources in the Mid-Atlantic region.”
“The chance to make investments in irreplaceable accurate property in a single of the fastest increasing and most dynamic resort markets in the United States is something that we’re mad to shut on,” acknowledged Tim Hodes, managing director and head of resort investments at Wheelock. “We save a question to forward to changing into a part of the Virginia Seashore neighborhood and continuing to steward and originate upon the outstanding resort that Gold Key developed.”
“We welcome this likelihood to make investments alongside our companions at Wheelock in these outstanding properties,” acknowledged HEI Associate Clark Hanrattie. “The resort has established an unparalleled recognition for providing a great guest trip thru top of the vary facilities, very fair correct food and beverage and signature events. As property supervisor, HEI will doubtless be obvious that the Cavalier Resort remains one of many most efficient hotels in the Mid-Atlantic.”
