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Lingerfelt CommonWealth Partners, a real estate income fund management firm headquartered in Richmond, Va., will purchase the Virginia Beach (Va.) Resort Hotel & Conference Center at 2800 Shore Drive for $19 million. Lingerfelt CommonWealth Partners hired Commonwealth Lodging Management, a hospitality management and consulting firm headquartered in Virginia Beach, to operate and manage the hotel/conference center. The 263,328-square-foot hotel has 295 suites, and is located on a 3.6-acre site along the Chesapeake Bay.
Lingerfelt CommonWealth Partners plans a $25-million renovation to the...