A California-based holding company that helps Chinese companies and individuals invest in U.S. hotels has bought the DoubleTree by Hilton in downtown Wilmington, Del., reports Delaware Online.
The hotel and conference center at 700 N. King St. was purchased Friday by ASAP International Holdings for $19.725 million.
"The downtown area has been revitalizing, and there's been some new development going on," said Jerome Yuan, SVP at ASAP International. "We think the location is very good."
The hotel's previous owner was Driftwood Hospitality Management. The hotel's new manager will be Virginia-based Crestline Hotels & Resorts.
This is the first East Coast investment for ASAP International, Yuan said. ASAP International has facilitated investments in more than 20 hotels since 2010. Among its recent deals was a February purchase of a DoubleTree by Hilton in Berkeley, Calif.