Wilmington, Del., DoubleTree sold for $19.7M

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."


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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.

Suggested Articles

David Batchelor describes the shift to adjacent spaces as 'here to stay'

The Barclay brothers were expected to sell the Ritz Hotel in London to a consortium of Saudi Arabian families.

Accor launched a €300m share buyback as part of its plans to return €1bn to shareholders over the next 24 months.