Russell Gimelstob, Alex Harplen & Eric Calder Acquire 965-Key Hotel Portfolio In Virginia Beach And Outer Banks

The transaction involves an eight-hotel portfolio with a total of 965 keys located across Virginia Beach, Virginia, and the Outer Banks, North Carolina. The addresses included in the portfolio are 901 Atlantic Avenue, 221 Bendix Road, 3217 Atlantic Avenue, 1901 Atlantic Avenue, 2101 Atlantic Avenue, 2607 Atlantic Avenue, 4701 South Virginia Dare Trail, and 3915 North Croatan Highway.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: Undisclosed
• Buyer: Russell Gimelstob, Alex Harplen & Eric Calder - Ascendant Capital Partners
• Seller: Christopher Brown - Coastal Hospitality Associates LLC
• Broker: CBRE
• Market: Virginia Beach, VA; Nags Head & Kitty Hawk, NC
• Keys: 965

Ascendant Capital Partners, consisting of Russell Gimelstob, Alex Harplen, and Eric Calder, is set to implement capital and operational upgrades across the beachfront portfolio. The property management will transition to Schulte Hospitality Group following the acquisition.