Staybridge Suites hotel added to downtown Wilmington hotel roster

710
Advertisement

Driftwood Capital announced the completion of the new $31 million Staybridge Suites hotel in downtown Wilmington.

Located at 1220 N. Market Street, the 11-story property features 134 suite accommodations, lounge, fitness center, sundries shop, and a business center with meeting spaces.

Rates start at around $170 a night with an extra charge for parking or pet.

The former office building that housed legal and other offices,  was converted to a hotel in a designated Opportunity Zone with tax advantages.  

It is the only extended-stay hotel affiliated with IHG Hotels & Resorts within a four-mile radius. IHG’s brands include Holiday Inn Express.

Advertisement

“As the corporate capital of America, Wilmington has a built-in demand for quality, convenient accommodations to serve corporate travelers as well as the increased number of leisure travelers visiting the area,” said Carlos Rodriguez Sr., CEO of Driftwood Capital.  “Driftwood identified a void in the hospitality market, with little new hotel development in the city over the past twenty years, and is excited to deliver a new extended-stay option to travelers in the heart of Downtown Wilmington.”

The Staybridge Suites was financed with a $14.95 million construction loan from First International Bank & Trust and $16.7 million raised from private investors, primarily through a Qualified Opportunity Fund (QOF).  The Staybridge Suites was awarded a $1.02 million grant from the Delaware State Housing Authority’s Downtown Development Districts Rebate Program.

Driftwood Hospitality Management is a national hotel operator with more than 20 years of expertise, will manage the property.  Design and construction were managed Whiting-Turner Contractor Co. and Dever Architects, respectively.

Driftwood Capital’s investment strategies include hospitality acquisition, development and lending.

Properties in its portfolio include the Canopy Tempe and Canopy West Palm Beach; the Wylie Hotel in Atlanta; the Marriott Mission Valley in San Diego; and the Margaritaville Lake of the Ozarks. In Florida, the company is also developing the $388 million Westin Cocoa Beach and the $200 million Riverside Wharf/Dream Hotel in downtown Miami.

Advertisement
Advertisement