Months following the opening of The Main, the older hotel-conference center on the same street has sold to a real estate investment firm with major renovation plans.
CBRE Hotels confirmed Friday that Richmond-based Lingerfelt Commonwealth Partners closed on the Norfolk Waterside Marriott, a 405-room hotel, though the broker didn’t disclose the sale price. It was previously estimated Lingerfelt would pay $35 million to Procaccianti Group, which had owned the hotel at 235 E. Main St. since 2003. It also would pay $1.5 million to Norfolk Redevelopment and Housing Authority, which owned the land.
The company recently asked the city to subsidize the upgrades. Norfolk owns the conference center portion of the hotel. City Council approved a development agreement in late October that would require Norfolk to contribute at least $4 million to the meeting space – an amount that includes the proceeds from the land – over the next three years.
The city, through the housing authority, also will give Lingerfelt up to $3 million in grant money over the next decade based on tax receipts, according to the agreement.
In addition to the public funding, Lingerfelt is expected to spend between $15 million and $20 million on renovations, which will include changes to the rooms, lobby and rooftop pool. The new owner will have a 20-year extension on the Marriott franchise.