Driftwood Capital Completes Staybridge Suites Hotel in Downtown Wilmington, Delaware
Wilmington, Del. – Driftwood Capital, a vertically integrated commercial real estate firm offering 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 rooms, a lounge, fitness center, sundries shop, and business center with meeting spaces designed for today’s business and leisure travelers. A former office building converted into 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 prime location for U.S. and international businesses, with more than 65% of all Fortune 500 companies and more than half of all publicly traded U.S. companies incorporated in the state.
“As America’s business capital, Wilmington has a built-in demand for quality, convenient accommodations to serve business travelers as well as the growing number of leisure travelers visiting the area,” said Carlos Rodriguez Sr., CEO of Driftwood Capital. “Driftwood has identified a void in the hospitality market, with few new hotel developments in the city over the past twenty years and is delighted to offer a new extended stay option to travelers in the heart of downtown Wilmington.”
The Staybridge Suites was financed by 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 received a $1.02 million grant from the Delaware State Housing Authority’s Downtown Development Districts (“DDD”) Reimbursement Program.
Driftwood Hospitality Management (DHM), a national hotel operator with more than 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 hotel acquisition, development and lending. Award-winning properties in its portfolio include Canopy Tempe and Canopy West Palm Beach; the Wylie Hotel in Atlanta; the Marriott Mission Valley in San Diego; and Lake Margaritaville of the Ozarks. It is also developing the $388 million Westin Cocoa Beach and the $200 million Riverside Wharf/Dream Hotel in downtown Miami, both in Florida.
About Driftwood Capital
Driftwood Capital is one of the nation’s leading hotel sponsors. A vertically integrated commercial real estate company with investment, development, lending and management platforms, Driftwood’s unique business model offers accredited investors access to institutional-grade hotel assets or capital solutions on a direct transaction after the closing of the transaction. Since inception, Driftwood Capital has negotiated over $3 billion in hotel assets, including new hotel development projects, cash flow hotels and hotel-backed loans, backed by an international network of over 1,200 investors. Driftwood’s in-house team of experts oversees sourcing, underwriting, financing, asset management, operations, development and legal matters, ensuring full alignment of interests with investors. For more information, visit www.driftwoodcapital.com.