VIRGINIA BEACH, Va. – The $458 million Cavalier Resort in Virginia Beach, Va., is nearing completion after almost a decade of work.
The 157-room, 12-story Embassy Suites, the third hotel at the resort, recently opened its doors, joining the Cavalier Hotel and Marriott Virginia Beach Oceanfront. The new hotel also features 10,000 square feet of event space in five meeting rooms. In all, the resort features 547 hotel rooms, 81 private homes, 35 condos, nine restaurants, and a spa and distillery, according to an article on wavy.com.
According to Gold Key | PHR, the company behind the project, it will generate $9.5 million in revenue this year.
As reported, Gold Key CEO Bruce Thompson says the magnitude of the project, which included preserving the historic Cavalier Hotel, may have been underestimated, but worth the investment.
“In spite of the cost overruns, the partners committed to invest tens of millions to bring it back to its original grandeur in a way that would not only make the community proud but continue to elevate the Virginia Beach Oceanfront as a tourist destination,” Thompson told wavy.com.
The Cavalier Hotel originally opened in 1927 and is listed on the National Register of Historic Places. It was once a powerhouse hotel in the city, with many celebrities and nine U.S. presidents staying there over the years.
According to the article, in 2012, a judge ordered the hotel to be sold after a dispute between the then-owners, leading to fears it could be demolished.
Thompson and his partners then purchased the hotel in 2013, and work has been underway ever since.
