DuPont sells landmark hotel to Buccini/Pollin

0

The Hotel duPontis slated to be sold to the Wilmington-based Buccini/Pollin Group.

Financial terms were not disclosed.

BPG had previously bought parking lots that served the hotel in downtown Wilmington.

The ownership transition and closing are expected to occur on Feb. 28. The DuPont Country Club is not part of the deal. However, the company will begin to market the property for sale. The property includes a golf course, club house and meeting center.

Advertisement

The hotel will continue to operate under the Hotel du Pont name and will keep the Gold Ballroom and Green Room restaurant.

BPG’s hotel management arm, PM Hotel Group, will operate the hotel.

“BPG will unveil its comprehensive restoration plan for the hotel in the near future, and will begin several targeted capital improvement projects upon closing of the acquisition,” a release stated.

“We are extremely proud that DuPont has entrusted The Buccini/Pollin Group and PM Hotel Group as stewards of this great hotel,” said David B. Pollin of The Buccini/Pollin Group. Pollin manages the hotel side of the business. “We see ownership of the Hotel du Pont as a public trust and will work with the Wilmington community to ensure its next 103 years are as – or more – successful as its first 103 years. We expect the transition in ownership and management will be seamless for the hotel’s guests who can continue to expect a premier experience at a premier venue.”

The 217-room Hotel du Pont in 1913 to serve the local business community, Its guests have included U.S. presidents and other world leaders, first ladies, religious leaders, world-renowned musicians, artists and actors, professional athletes, and local tourists and business professionals.

The Green Room, has been recognized with the AAA Four-Diamond Award and the Forbes Four-Star Award.

The hotel has been in limbo, due to company cost-cutting efforts and a proxy battle that had activist investor Nelson Peltz demanding that the hotel be sold. The cost-cutting, lack of marketing andneed for renovations also affected the status of the hotel in a highly competitive industry.

The Buccini/Pollin Group, Inc. is a privately held, real estate acquisition, development and management company with offices in Washington, D.C., Wilmington, Philadelphiaand Baltimore. Buccini/Pollin has developed and acquired hotel, office, residential, retail and parking properties throughout the United States.

Buccini/Pollin has acquired, developed and owns real estate assets having a value in excess of $4 billion, including over 40 hotels, 6 million square feet of office and retail space, 10 residential communities, and multiple entertainment venues, including Talen Energy Stadium, home of the Philadelphia Union Major League Soccer team.

Earlier, Chemours, agreed to remain in the building that houses the hotel and its corporate headquarters under a deal with Buccini/Pollin. Estimates of the overhaul of that portion of the building have run in the neighborhood of $100 million.

Chemours and DuPont swapped headquarters space when Chemours was spun off as a separate company in July of 2015.

Facebook Comments
Advertisement
Advertisement