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April 16, 2007
Divaris
Brokers Sale
of Downtown Norfolk
Landmark
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 and Winston-Salem, N.C.; Atlanta, Ga.;
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.
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