Virginia Beach’s hospitality landscape has seen a significant change with the recent sale of two major oceanfront properties by Bruce Thompson, a renowned developer, and CEO of Gold Key | PHR.
The Cavalier Hotel, a historic landmark, and the Marriott Virginia Beach Oceanfront have both been part of this high-profile transaction, reflecting Thompson’s influential role in transforming the Virginia Beach oceanfront.
The Cavalier Hotel
Built in 1927, the Cavalier Hotel has a storied past, having hosted notable figures such as F. Scott Fitzgerald, Muhammad Ali, and several U.S. presidents. The hotel, which was once on the brink of demolition, was revitalized under Thompson’s leadership.
In 2013, Thompson and his team undertook an $85 million renovation project to restore the Cavalier to its former glory. The hotel reopened in 2018, becoming a key component of the broader Cavalier Resort development.
Marriott Virginia Beach Oceanfront
The Marriott Virginia Beach Oceanfront, a more recent addition to the Cavalier Resort, opened its doors in 2020. This $125 million hotel features 305 rooms and is part of Thompson’s vision to create a premier oceanfront destination.
The Marriott offers extensive amenities, including multiple restaurants, pools, and meeting spaces, enhancing Virginia Beach’s appeal as a tourist destination.
The Cavalier Resort
The Cavalier Resort represents a $433 million investment aimed at transforming Virginia Beach’s oceanfront. The resort includes the historic Cavalier Hotel, the modern Marriott Virginia Beach Oceanfront, and other developments like the 42 Ocean Condominiums.
The project also features plans for a 12-story Embassy Suites, which is expected to open in early 2023.
Bruce Thompson’s Legacy
Bruce Thompson’s impact on the Virginia Beach hospitality industry is significant. As the CEO of Gold Key | PHR, Thompson has been instrumental in developing and managing several major properties in the area.
His contributions have not only preserved historic landmarks but have also stimulated local economic growth and tourism. Thompson’s portfolio at its peak included ownership of 60% of the commercial bedrooms on the Virginia Beach oceanfront.
Conclusion
The sale of the Cavalier Hotel and the Marriott Virginia Beach Oceanfront marks the end of an era for Bruce Thompson’s direct involvement with these properties but leaves a lasting legacy of innovation and revitalization.
These iconic hotels, under new ownership, are expected to continue contributing to Virginia Beach’s status as a premier destination for travelers.
