Market Street hotel sells for $ 5 million
A Market Street hotel recently changed hands for just over $ 5 million.
Ocean Hospitality LLC purchased the Baymont by Wyndham Wilmington at 4926 Market St. from Heli Hospitality in October.
One of the property’s new owners said on Thursday that he was in the process of modernizing the hotel’s 119 rooms. The hotel was built in 1982.
Robert Hunter, senior vice president of investments for Marcus & Millichap and senior director of the company’s National Hospitality Group in Fort Lauderdale, Fla., Represented the vendor of the Wilmington hotel in the transaction.
He said the hotel buying market has been busy this year. This despite lower occupancy rates in some areas resulting from the COVID-19 pandemic.
“From Florida all the way up, it’s much easier to sell hotels in 2021 than in 2019,” Hunter said. “I think there was pent-up demand.”
According to an article published in October by The Business Journals, the United States has so far recorded about $ 25 billion in hotel transaction activity during the year.
In May, the owner of two hotels in Charleston, SC, Homecourt Hospitality, purchased the Holiday Inn Wilmington, a 127-room hotel located at 5032 Market St.
At 4903 Market St., a California company purchases two motels operating in the same lobby – the Budgetel Inn and Motel 6 – to convert them into 230 apartments.
Vivo Investment Group is expected to modernize the property with amenities seen in Class A apartments, including fully renovated interiors, new kitchen appliances, gym, amenity lounge for tenants, coworking space, high speed internet connection, laundry facilities, swimming pool and green space.
Construction could start in 2022.