The Buccini/Pollin Group, a real estate acquisition, development and management company (BPG), today announced that it has completed the acquisition of the 244-room DoubleTree by Hilton Hotel Wilmington. PM Hotel Group, a hotel management company based in Washington, D.C., will operate the hotel.
Terms and seller were not disclosed.
“BPG’s recent acquisition of the beautifully renovated DoubleTree by Hilton Hotel Wilmington evidences our deep commitment to the Northern Delaware community. We now own and operate six hotels in New Castle County, Delaware and continue to be impressed by the dynamic business environment,” said Dave Pollin, co-founder, BPG. “Hilton’s DoubleTree brand hits the mark perfectly in Wilmington with its combination of sophisticated style featuring local materials and artists and world-class global distribution system. More than most, BPG appreciates the vibrancy of northern Delaware, driven by large Fortune 500 companies and savvy entrepreneurs alike.”
The recently renovated hotel on Concord Pike is a short drive to corporate campuses and historical attractions like Winterthur. It is in walking distance of Concord Mall.
The hotel underwent a $10 million upgrade of the property. The Doubletree comes with the largest meeting site on Concord Pike with 11,000 square feet of space.
The north Wilmington area has faced its challenges with the downsizing of AstraZeneca, which at one point had upwards of 4,000 people, with that number believed to be moe than 1,000. However, JPMorgan Chase has opened a technology hub at a site once owned by AZ.
The AZ site was purchased by Delle Donne and Associates for possible expansion, with AZ operating out of a portion of the complex. The site was also listed as a possible location in the state’s bid for Amazon’s HQ2 complex.
The hotel carries a similar name to a Doubletree hotel in downtown Wilmington on King Street that has targeted the legal services market in the city.
BPG and PM this year:
- Broke ground earlier this month on the 260-room Virgin Hotels Nashville, Tenn., in partnership with Virgin Hotels and founder Richard Branson.
- Acquired the Hotel duPont in Wilmington.
- Acquired of the Sheraton DFW Airport Hotel, a 302-room site in the Dallas area.
- Completed over $30 million in renovations, upgrades and repositioning, including: a renovation of the 353-room Sheraton Raleigh Hotel in N.C.; the first Renaissance Hotel in downtown Philadelphia; and an addition and a major renovation of the Fairfield Inn King of Prussia, Pa.
- Opening the 310-room Embassy Suites Midtown Manhattan, the only Embassy Suites in New York City, in November
- Opening the 177-room Canopy by Hilton Hotel Washington, D.C. – Bethesda North in December
- Opening the 153-room Canopy by Hilton Portland, Ore. – Pearl District in early 2018.
