DALLAS–Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that they have acquired the Delta Hotel Virginia Beach Bayfront Suites, a full-service, all-suite hotel located on the northern coast of Virginia Beach, VA. The property is located less than 10 miles from the heart of Virginia Beach and Atlantic Ave. The acquisition will be Paceline’s second strategic partnership with BlackPearl Capital, a group with significant hospitality investing and operating experience.
The Delta Hotel Virginia Beach Bayfront Suites was built in 1986 and most recently underwent a comprehensive renovation, conversion and rebranding that was completed in 2021. The 295-room all-suite hotel features 12,000 square feet of meeting space and is the only hotel in the area which owns and can operate its own beachfront. The resort’s amenities include two restaurants, a fitness center, outdoor pool, and direct access to private beachfront. The Delta’s all suite product caters to the drive-to-leisure market of Virginia Beach, which sees over 19 million visitors annually.
“The Delta Hotel Virginia Beach Bayfront Suites represents our first full-service hospitality investment in a dominant drive-to-leisure market and eighth hotel in our expanding real estate portfolio. The hotel quickly experienced strong bookings upon completion of the recent renovation and conversion, demonstrating how well-positioned the property is to capitalize on continued consumer demand for leisure travel in the mid-Atlantic,” said Sam Loughlin, Chief Executive Officer of Paceline.
“Paceline’s acquisition of the Delta Hotel Virginia Beach Bayfront Suites further highlights our ability to leverage our strategic partner relationships to continue to grow our portfolio through the acquisition of well-positioned, high-quality assets at an attractive entry point,” added Leigh Sansone, Chief Investment Officer of Paceline. “We are excited about the growth opportunities within the Virginia Beach submarket over the next several years and the hotel’s ability to capitalize through its unique physical location and mix of amenities that cater to a wide variety of guests.”