Virginia Beach, Virginia: Michael B. Divaris, President of Divaris Real Estate Inc. (DRE), announced the sale of the 12-story, 350-room Radisson Hotel Norfolk located at 700 Monticello Ave. in Norfolk, Va., to the Aniesh Corporation for $10 million.
Alexander Divaris, Jason Oliver and Michael Divaris of Divaris Real Estate’s Investment Sales Group, represented the seller, RHN Hotel Associates, LLC, in the transaction.
“Bounded by Boush Street, Monticello Avenue and St. Paul’s Place, the property is ideally positioned to be a key component of the ongoing redevelopment of downtown Norfolk,” said Oliver.
“Divaris employed a diligent marketing effort, which included working with Norfolk’s Department of Development and engaging locally-based MMM Design Group to present potential improvement possibilities for the property,” added Alex Divaris.
Originally developed as the Golden Triangle Motor Hotel in 1961, the property has undergone numerous changes over the years. The hotel has been home to several flags including Holiday Inn, Howard Johnson and Clarion, before converting to Radisson in 2000. The property is now viewed as a key component of the city’s plan to build upon its highly successful downtown redevelopment effort. The hotel’s strategic location makes it an ideal gateway for continued redevelopment northward, thus blending downtown with the Ghent neighborhood.
This purchase represents Aniesh Corporation’s third major hotel acquisition in Norfolk; other purchases have included the Doubletree Hotel and the Tazewell Hotel and Suites. The Aniesh Corporation plans to retain the Radisson flag and implement a comprehensive improvement plan, which will include physical upgrades and a potential reconfiguration of the 5.5 acre parcel. The Aniesh Corporation is fast becoming a growing leader in the hospitality industry, with a 15-year history of property development and hotel management. Raj Randeria is managing partner of the Norfolk-based firm.
Divaris Real Estate Inc. is headquartered in Virginia Beach, Va. with offices in Chesapeake, Newport News, and Richmond, Va.; Charlotte, N.C.; and Rockville, Md. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 24 million square feet of prime office, retail and industrial space throughout the Mid-Atlantic and Southeastern states.
Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers covering 91 major markets throughout the U.S. DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and Europe. These organizations represent corporate and institutional clients, as well as tenants and buyers in all aspects of leasing, development and managing properties, acquisitions and land sales. Gerald S. Divaris is chairman of the Board, and Michael B. Divaris is president of Divaris Real Estate Inc.