PRESS RELEASE
150 W. Main Street, Suite 1100
Norfolk, VA 23510
T 757 490 3300
F 757490 1200
www.cbre.com/norfolk
FOR IMMEDIATE RELEASE –
For further information:
Scott Adams
Regional President
CBRE|Hampton Roads
757.490.3300
scott.adams@cbre.com
Deb Thaxton
Corporate Communications Director
CBRE|Hampton Roads
757.490.3300
deb.thaxton@cbre.com
CBRE|Hotels and DJM Realty Announce
Famous Virginia Beach Hotel Has Been Sold
Norfolk, Va. – July 23, 2013 – CBRE|Hotels & DJM Realty a GBG Company are pleased to
announce the sale of The Cavalier Hotel at 4201 Atlantic Ave. in Virginia Beach, Va. to Bruce
L. Thompson’s Cavalier Associates, LLC for $35.7M. The historic hotel that boasts how it
“made Virginia Beach famous” has hosted presidents and other celebrities since it opened its
doors in 1927.
Comprised of two full-service hotels in Virginia Beach’s north end, the original 7-story, 110room historic hotel sits on the hill overlooking the 11-story, 282-room hotel that opened in the
1970s.
“There has been much discussion over the future of The Cavalier since its sale was
announced,” said Doug Henkel, Executive Vice President of CBRE|Hotels. “We had strong
interest from multiple buyers, but in the end our client, the receiver Charles Goldstein
Managing Director with Protiviti, Inc., settled on The Cavalier Associates, LLC and the sale was
affirmed by the court. Cavalier Associates, LLC is planning a $259M project, which includes
the restoration of the old Cavalier Hotel on the hill.”
The Cavalier Hotel complex has over 50,000 square feet of meeting and function space. Along
with the two hotels and conference center, the facilities include an indoor pool in the original
hotel, an outside pool and kiddie pool adjacent to the newer hotel, outdoor tennis courts along
with a fitness center, kid’s play room, food and beverage outlets at both locations, and a
below-grade parking garage. Additionally, on the approximately 21.2 acre property is an
owner/manager residence, employee housing and automobile repair garage.
CBRE Press Release
Doug Henkel, Tom Ives, Lew Miller, Andy Wimsatt and Kym Halsted of CBRE|Hotels and Mike
Matlat with DJM Realty represented the seller.
About CBRE – Hampton Roads
CBRE |Hampton Roads is an affiliate office of CBRE Inc. serving the Hampton Roads region. The firm assists real
estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales;
property, facilities and project management; corporate services; debt and equity financing; and valuation and
appraisal. In 2012, the Hampton Roads offices completed over $775 million in sales and leasing transactions. For
more information about the Norfolk or Newport News offices, visit our websites, www.cbre.com/norfolk or
www.cbre.com/newportnews.
About DJM Realty
DJM Realty is the rest estate arm of 110-year-old, Gordon Brothers Group with offices in Boston, New York, San
Francisco, Atlanta, London, Cologne and Tokyo. Founded in 1992 and headquartered in New York, DJM is a
worldwide provider of strategic real estate solutions in healthy and distressed situations. We combine experienced
professionals, technology, research and abundant capital to provide real estate disposition, restructuring, auditing,
mergers and acquisitions and advisory services. For more information, please visit www.djmrealty.com.
About CBRE – Mid-South Region
CBRE is the only global real estate services firm with offices in Norfolk, Newport News, Richmond, Charlottesville,
and Fredericksburg, VA, and Raleigh and Greensboro, NC. These offices are collectively referred to as the MidSouth region. The CBRE Mid-South offices (excluding Northern Virginia and Charlotte, NC offices) completed
$2.4 billion of sales and leasing transactions in 2012.
About CBRE Group, Inc.
CBRE Press Release
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately
34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than
300 offices (excluding affiliates) worldwide. Please visit our website at www.cbre.com.
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