Investors recently bought a Wilmington hotel for $10.25 million.
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced Wednesday the sale of Holiday Inn Wilmington, a 127-room hotel at 5032 Market St.
“We were able to get this value-add deal financed and closed within 90 days,” said Jack Davis, vice president of investments in Marcus & Millichap's Charleston office, in a news release.
Davis, along with Joce Messinger and Josh Williams, had the exclusive listing to market the property on behalf of the seller, Naman Wilmington LLC, a developer, and also represented the buyers.
The buyer was Homecourt Hospitality Wilmington LLC, which has two other hotels, both in Charleston, South Carolina.
Williams, who is a partner in Homecourt Hospitality, and Joe Ross, another Homecourt investor, said they intend to convert the Holiday Inn to a DoubleTree by Hilton brand in about three years.
"We’ve always kept our eye open for opportunities in Wilmington and this particular conversion opportunity spoke to us and that’s why we purchased the hotel," Ross said Wednesday.
Williams said, "We love the market. It's very similar to what we have in Charleston."
Built in 1985, Holiday Inn Wilmington also features a bar and restaurant, an indoor pool, a fitness center and meeting space.