The Buccini/Pollin Group and DuPont announced an agreement for BPG to acquire the historic Hotel du Pont business in Wilmington, Del. The ownership transition and closing are expected to occur on Feb. 28, 2017.
The hotel will continue to operate under the Hotel du Pont name, with all of its amenities, including the Green Room restaurant and Gold Ballroom. BPG’s hotel management affiliate, PM Hotel Group, will operate the hotel.
BPG is a local, full-service real estate company with a stake in revitalizing the city of Wilmington. Underscoring its commitment, BPG recently announced the acquisition of the DuPont Building that houses the hotel. Its affiliate, The PM Hotel Group has a long and successful record of managing full-service and select-service hotels in the Hilton, Starwood, Marriott and Choice families of brands. BPG will unveil its restoration plan for the hotel in the near future, and will begin several targeted capital improvement projects upon closing of the acquisition.
“We are extremely proud that DuPont has entrusted The Buccini/Pollin Group and PM Hotel Group as stewards of this great hotel,” David B. Pollin, co-president of The Buccini/Pollin Group, said in a statement. “We see ownership of the Hotel du Pont as a public trust and will work with the Wilmington community to ensure its next 103 years are as – or more – successful as its first 103 years. We expect the transition in ownership and management will be seamless for the hotel’s guests who can continue to expect a premier experience at a premier venue.”
“For over 100 years, DuPont has been proud to offer luxury accommodations and first-rate service to its guests,” Richard C. Olson, SVP, DuPont Corporate Services, said in a statement. “We are very pleased to have found the right owner to ensure a bright future for this historic, world-class hotel and downtown Wilmington landmark. Under the ownership and expert management of BPG and PM Hotel Group, the Hotel du Pont will provide an enhanced luxury experience for the Delaware community and hotel guests from around the world.”
The 217-room Hotel du Pont opened in the heart of downtown Wilmington in 1913 to serve the local business community. Its guests have included U.S. presidents and other world leaders, first ladies, religious leaders, world-renowned musicians, artists and actors, professional athletes and countless local tourists and business professionals. The Green Room, the Hotel’s signature restaurant, has been recognized with the AAA Four-Diamond Award and the Forbes Four-Star Award.
Separately, DuPont will initiate a process to explore a potential sale of the DuPont Country Club.
The Buccini/Pollin Group is a privately held, integrated real estate acquisition, development and management company with offices in Washington, D.C.; Wilmington, Del.; Philadelphia, Pa.; and Baltimore, Md. Buccini/Pollin developed and acquired hotel, office, residential, retail and parking properties throughout the United States.
Buccini/Pollin acquired, developed and owns real estate assets having a value in excess of $4.0 billion, including over 40 hotels, 6 million square feet of office and retail space, 10 major residential communities and multiple entertainment venues, including Talen Energy Stadium, home of the Philadelphia Union Major League Soccer team.
The principals of Buccini/Pollin, along with PM Hotel Group (hotel operating company), BPG Real Estate Services (office property management and leasing), ResideBPG (residential property management and leasing) and BPGS Construction (construction management), oversee all aspects of project acquisition, finance, development, construction, leasing, operations and disposition for its portfolio properties. The Buccini/Pollin Group has over 3,500 employees in 12 states.