From office building to hotel, $31 million Staybridge Suites opens in downtown Wilmington
After three years of planning and construction, a new $31 million Staybridge Suites hotel is now open in downtown Wilmington.
Located on North Market Street in the city’s downtown area, the former office building was transformed into an 11-story hotel featuring 134 suite-style rooms, a lounge, fitness center, shops and a business center.
Driftwood Capital, the Florida-based real estate firm that oversaw the construction, said the new hotel is an opportunity to capitalize on the lucrative business market in the city.
“Delaware is a top location for U.S. and international businesses, with more than 65 percent of all Fortune 500 companies and more than half of all U.S. publicly traded companies incorporated in the state,” the firm said in a press release.
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The new hotel was financed with $16.7 million from private investors, a $14.95 million construction loan from First International Bank & Trust and an additional $1.02 million grant from the Delaware Housing Authority’s Downtown Development Districts Rebate Program.
The hotel is situated in a Qualified Opportunity Zone, which opens the property up to tax credits.
The hotel employs 25 full-time workers along with its executive team. Driftwood Capital plans on hiring another 10-12 full-time employees as business ramps up.
"We are excited to be open and look forward to welcoming corporate and transient travelers and events to the Staybridge Suites," said Carlos Rodriguez Sr., CEO of Driftwood Capital. "Wilmington is a vital part of the business world, and we are eager to help visitors feel comfortable and at home while they must travel."
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Contact Molly McVety at mmcvety@delawareonline.com.
This article originally appeared on Delaware News Journal: New Staybridge Suites in Wilmington completes construction
