WILMINGTON, DE—ASAP International Holdings, a California-based holding company that invest in US hotels on behalf of Chinese investors, has acquired the DoubleTree by Hilton in downtown Wilmington, for approximately $20 million or $92,166 per key, a source tells GlobeSt.com.
The 217-key hotel, which is located at 700 N. King St., was recently renovated by the seller, Driftwood Hospitality Management. There is also about 20,000-square feet of meeting space at the hotel, including two Law Centers for out-of-town law firms preparing for trial.
Lately it seems as though Delaware's real estate market is in hyper-active mode. The Buccini/Pollin Group preparing to open The Westin Wilmington, as part of a JV between Westport Capital. Managed by PM Hospitality Strategies, the new hotel will have 180 keys and be connected to the Chase Center in the city's revitalized waterfront district. The company also acquired a corporate office park in the city for Bellevue Park Corporate Center, a three-building, 305,000-square foot office park, for $61.5 million.
Several other office buildings have traded, or are in the process of trading, as well.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
