ASAP International Holdings acquired the hotel on King Street. The News Journal said the price was about $20 million. Reports on the sale had been making the rounds for a month.
Crestline Hotels & Resorts LLC will manage the 217 room full-service hotel. According to a release announcing the sale and management group, the hotel recently completed an extensive renovation. Crestline is based in Fairfax, Va., just outside of Washington, D.C.
“Once again, we are delighted to select Crestline Hotels & Resorts as our management company for this property. Crestline manages three other hotels in our portfolio including the Hilton Atlanta Northeast, the Atlanta Marriott Norcross, and the Detroit Southfield Marriott. In each case Crestline is exhibiting excellent leadership and working to drive significant RevPAR increases for these assets while improving guest service,” Frank Yuan, CEO of ASAP International Holdings, stated in a release.
“Crestline is honored by its strong working partnership with ASAP International Holdings and to be selected as the management company for the DoubleTree by Hilton Downtown — Legal District,” stated James Carroll, CEO of Crestline Hotels & Resorts. “This is an excellent property with distinctive amenities and services. We look forward to enhancing the hotel’s reputation for impeccable service and excellent guest experiences,” Carroll added.
The hotel is near the New Castle County Courthouse and has worked to attract legal teams handling cases in Chancery and other courts in Delaware. It faces growing competition, with a new Westin hotel slated to open this spring on the Wilmington riverfront.
Hotel amenities includes high-speed Internet access and upgraded rooms. The hotel also has more than 20,000 square feet of meeting space and until the opening of the Chase Center on the Riverfront, was the only place to host the largest banquets.
The 9,306 square foot Grand Ballroom can accommodate up to 1,000 guests and the hotel has several other meeting rooms and boardrooms for smaller meetings. The hotel also has a restaurant and lounge.
Crestline Hotels & Resorts LLC manages 44 hotels, resorts, and conference centers with more than 7,700 rooms in 12 states and the District of Columbia. ASAP is a publicly traded holding company that operates real estate, investment banking and consulting for Chinese companies.