Print
Real Estate - Commercial

Hotel On Market Street Sells For $5M

By Cece Nunn, posted Nov 19, 2021
Baymont by Wyndham Wilmington, 4926 Market St., is under new ownership. (Photo by Cece Nunn)
A Market Street hotel recently changed hands for a little over $5 million.

Ocean Hospitality LLC bought the Baymont by Wyndham Wilmington at 4926 Market St. from Heli Hospitality in October.

One of the property's new owners said Thursday that they are in the midst of upgrading the hotel's 119 rooms. The hotel was built in 1982.

Robert Hunter, first vice president of investments for Marcus & Millichap and senior director of the firm's National Hospitality Group in Fort Lauderdale, Florida, represented the seller of the Wilmington hotel in the transaction.  

He said the market for buying hotels has been busy this year. That's despite some lower occupancy rates in some areas resulting from the COVID-19 pandemic.

"From Florida all the way up, it’s a lot easier to sell hotels in 2021 than it was in 2019," Hunter said. "I think there was some pent-up demand."

According to an October story by The Business Journals, the U.S. had seen about $25 billion in hotel transaction activity during the year so far.

In May, the owner of two hotels in Charleston, South Carolina, Homecourt Hospitality, bought the Holiday Inn Wilmington, a 127-room hotel at 5032 Market St.

At 4903 Market St., a California-based company is buying two motels operating out of the same lobby –  the Budgetel Inn and Motel 6 – to convert into 230 apartments.

Vivo Investment Group is expected to upgrade the property with amenities seen in Class A apartments, including fully renovated interiors, new kitchen appliances, a gym, a tenant amenity lounge, coworking space, high-speed internet, laundry facilities, a pool and green space.

Construction could begin in 2022.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Capefearrealtors tomgale headshot

Continuous Improvement The Secret For Many REALTORS®

Tom Gale - Cape Fear REALTORS®
Junegunter teachinghorse headshot 5721115557

What Is Next?

June Gunter - TeachingHorse
Dallasromanowski headshotcopy

Planning Is a Team Sport: Which Teammates Do You Need?

Dallas Romanowski - Cornerstone Business Advisors

In The Current Issue

Sauce'd Focuses On Cocktails, Fries

The cocktail-and-fries concept combines two well-loved staples into a creative business model....


Is A Rural Business Wave Afoot?

New businesses are forming in Southeastern North Carolina’s rural counties at a dramatic and unprecedented rate....


Veterans Extend Their Hospitality

Veteran-owned businesses abound in Wilmington and nearby communities and can be found in the local hospitality industry....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100