Thursday, April 3, 2014

Doubletree Wilmington Sold for $23.5M

ASAP International Holdings acquired the Doubletree Wilmington at 700 N. King St. in Wilmington, DE from Driftwood Hospitality Management LLC and AGRE US Real Estate Fund LP for $23.5 million, or about $108,000 per key. 

The nine-story, 133,000-square-foot hospitality building was originally built in 1978 and had undergone renovations as recently as 2011. The property is comprised of 217 guest rooms under Hilton's Doubletree flag, and features a concierge and ground-floor restaurant, which the new owner will upgrade.

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