Ascendant Capital Partners, a vertically integrated real estate investment and operating platform, announced the acquisition of an eight-hotel portfolio from Coastal Hospitality Associates. The Portfolio comprises 965 predominantly beachfront rooms across six hotels in Virginia Beach, Va., and two hotels in the Outer Banks, N.C.
The Portfolio was assembled over decades by the late Thomas J. Lyons, Jr., founder of Coastal Hospitality. Beginning with the acquisition of a 12-room inn in 1968, Lyons developed nearly 40 hotels across Virginia and North Carolina. Ascendant will seek to implement targeted capital and operational enhancements across the Portfolio, including executing select guest-facing improvements to strengthen asset performance and guest experience. In conjunction with the closing, Schulte Hospitality Group (SHG), a hospitality management and development company, will assume operations of the portfolio.
“This transaction reflects the continued execution o
