Hunter Hotel Advisors has arranged the sale of the Homewood Suites by Hilton Wilmington Downtown. SAK Developers, a Virginia-based private investment group, purchased the property from The Buccini/Pollin Group Inc. for an undisclosed price. PM Hotels Group will retain management.
Constructed in 2019, the hotel offers 120 keys in Delaware’s largest city.
“We are excited to have executed another successful sale with the Buccini/Pollin team,” said David Perrin, SVP, Hunter, who facilitated the transaction on behalf of Buccini/Pollin. “What they are doing to transform Downtown Wilmington is truly impressive and SAK is poised to benefit from BPG’s continued commitment to Wilmington’s success.”
With this transaction, SAK Developers adds another institutional asset with significant in-place cash flow to their growing portfolio. Thanks to a business-friendly environment and central location between New York and Washington, DC, more than half of all Fortune 500 companies call Wilmington home, resulting in consistent corporate demand at the Homewood Suites. The property is proximate to the regional headquarters of DuPont, Accenture, Barclays and more.
The hotel’s location on the Christiana River and Riverwalk connects the property to the Wilmington train station on one end and the Russell Peterson Wildlife Refuge on the other. The hotel is surrounded by numerous bars, restaurants and tourist attractions, and is directly across the river from Riverfront East, a $2 billion, 86-acre redevelopment now getting underway.
