Staybridge Suites hotel added to downdown Wilmington hotel roster – Delaware Business Now

Driftwood Capital introduced the completion of the brand new $31 million Staybridge Suites lodge in downtown Wilmington.

Situated at 1220 N. Market Avenue, the 11-story property options 134 suite lodging, lounge, health heart, sundries store, and a enterprise heart with assembly areas.

Charges begin at round $170 an evening with an additional cost for parking or pet.

The previous workplace constructing that housed authorized and different places of work,  was transformed to a lodge in a chosen Alternative Zone with tax benefits.  

It’s the solely extended-stay lodge affiliated with IHG Inns & Resorts inside a four-mile radius. IHG’s manufacturers embrace Vacation Inn Categorical.

“As the company capital of America, Wilmington has a built-in demand for high quality, handy lodging to serve company vacationers in addition to the elevated variety of leisure vacationers visiting the world,” mentioned Carlos Rodriguez Sr., CEO of Driftwood Capital.  “Driftwood recognized a void within the hospitality market, with little new lodge growth within the metropolis over the previous twenty years, and is happy to ship a brand new extended-stay choice to vacationers within the coronary heart of Downtown Wilmington.”

The Staybridge Suites was financed with a $14.95 million building mortgage from First Worldwide Financial institution & Belief and $16.7 million raised from personal traders, primarily by means of a Certified Alternative Fund (QOF).  The Staybridge Suites was awarded a $1.02 million grant from the Delaware State Housing Authority’s Downtown Growth Districts Rebate Program.

Driftwood Hospitality Administration is a nationwide lodge operator with greater than 20 years of experience, will handle the property.  Design and building had been managed Whiting-Turner Contractor Co. and Dever Architects, respectively.

Driftwood Capital’s funding methods embrace hospitality acquisition, growth and lending.

Properties in its portfolio embrace the Cover Tempe and Cover West Palm Seashore; the Wylie Lodge in Atlanta; the Marriott Mission Valley in San Diego; and the Margaritaville Lake of the Ozarks. In Florida, the corporate can also be creating the $388 million Westin Cocoa Seashore and the $200 million Riverside Wharf/Dream Lodge in downtown Miami.