WILMINGTON, DE–Driftwood Capital, a vertically integrated commercial real estate firm providing superior risk-adjusted returns in hospitality, is pleased to announce the completion of the new $31 million Staybridge Suites hotel in downtown Wilmington, Delaware.
Located at 1220 N. Market Street in Downtown Wilmington, the 11-story property features 134 suite-style accommodations, a lounge, fitness center, sundries shop and a business center with meeting spaces designed for today’s business and leisure travelers. A former office building converted to a hotel, the property is located in a designated Opportunity Zone, and is the only extended-stay hotel affiliated with IHG Hotels & Resorts within a four-mile radius. Delaware is a top location for U.S. and international businesses, with more than 65 percent of all Fortune 500 companies and more than half of all U.S. publicly traded companies incorporated in the state.
“As the corporate capital of America, Wilmington has 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). Additionally, the Staybridge Suites was awarded a $1.02 million grant from the Delaware State Housing Authority’s Downtown Development Districts (“DDD”) Rebate Program.
Driftwood Hospitality Management (DHM), a national hotel operator with over 20 years of expertise, will manage the property. Design and construction were led by Whiting-Turner Contractor Co. and Dever Architects, respectively.
Driftwood Capital’s investment strategies include hospitality acquisition, development and lending. Award-winning 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. It is also developing the $388 million Westin Cocoa Beach and the $200M Riverside Wharf/Dream Hotel in Downtown Miami, both in Florida.