A stake in the Westin Hotel on the Wilmington Riverfront is up for auction.
Quadrant Mezz Fund LP, a limited liability partnership will sell its interest in the 180-room hotel for no less than $6.8 million, according to an auction flyer. The auction will be held on Jan 20. The stake was a described as an indirect interest in the hotel.
Newmark Capital Markets is marketing the auction.
The hotel is a mainstay on the riverfront and is attached to the Chase Center on The Riverfront flat floor conference center.
It was the part of the backdrop for the victory celebration for President Joe Biden when he won the Democratic nomination and election. In 2020. The Westin is also believed to house staff for the president when he spends weekends at his home in the Greenville area.
It’s the second Wilmington to enter into an auction process, with the DoubleTree on King Street in downtown Wilmington entering an online auction.
The hotel was developed by Wilmington-based Buccini/Pollin Group and managed by its PM Hotels unit.
Earlier this year, Buccini/Pollin sold the Homewood Suites Hotel on the riverfront for $26 million, The Delaware Business Times reported.
