SHAMIN HOTELS PLANS to renovate a full-service, luxury landmark property in Portsmouth, Virginia.
The Renaissance Portsmouth Norfolk Waterfront hotel is scheduled to undergo renovations starting early next year, reports The Virginia Pilot.
The 17-story hotel was built in 2001 along the Elizabeth River, a major shipping route between Portsmouth and Norfolk. The hotel development was a public-private project with about $40 million in public investment and $14 million from private investors, who also constructed a parking garage.
The property includes a conference center with 24,000 square feet of meeting space, including a ballroom and an amphitheater.
Shamin Hotels of Chester, Virginia, acquired the asset in February 2017 from Ashford Hospitality Trust, a lodging REIT, for $9.2 million. Shamin Hotels, led by CEO Neil Amin, plans an extensive renovation of the property.
Shamin is working on the final design with Marriott and expects approval before the end of the year. The 249-room hotel reportedly will remain open during renovation, which is expected to take about a year.
At an Oct. 9 city council meeting Amin said he did not have the cost of the renovation but anticipates it is “very significant” and in the “seven digits.”
The city is not contributing any tax or financial incentives toward the project.
Shamin Hotels was co-founded by P.C. Amin and B.N. Shah. It is based in Chester, Virginia. It owns and operates 55 hotels in Virginia, New York, Colorado, North Carolina and Maryland. Calls to Shamin Hotels were not returned by press time.