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Real Estate - Commercial

Hotel In Military Cutoff Corridor Changes Hands In $18M Deal

By Cece Nunn, posted May 31, 2017
SpringHill Suites Wilmington in the Renaissance Park office development is now owned by TPG Hotels & Resorts. (Photo by Cece Nunn)
A hotel in the Rennaisance Park office development off Military Cutoff Road has changed hands.

The Marriott-brand SpringHill Suites Wilmington at 1014 Ashes Drive was purchased recently from Parks Hospitality Group by TPG Hotels & Resorts, one of the largest operators of Marriott brand hotels in the U.S.

The acquisition marks the first North Carolina hotel to be operated by TPG Hotels & Resorts.

The recorded price paid by PHR WNC, a TPG Hotels company, for SpringHill Suites Wilmington was $18 million, according to a New Hanover County deed. TPG Hotels & Resorts is the hotel division of Rhode Island-based real estate investment and management firm Procaccianti Companies.

“This is a great hotel in excellent condition with a strong brand located in the heart of terrific market - it checked all the boxes," said Ralph Izzi Jr., vice president of corporate marketing and public affairs for TPG Hotels & Resorts and Procaccianti Companies, in an email. "With its modern design, contemporary amenities and convenient location, the SpringHill Suites Wilmington is a fantastic choice for both business and leisure travelers." 

Izzi said the purchase "fits perfectly with our expanding portfolio of premium branded select-service hotels. As the nation’s third largest operator of Marriott branded hotels we are extremely proud to welcome the SpringHill Suites Wilmington to the TPG family.”

Pre-approved by all the leading global hotel brands, according to the company, TPG Hotels & Resorts has operated more than 150 branded, independent and boutique hotels comprising more than 25,000 guestrooms in 29 states. TPG Hotels & Resorts is the 7th largest hotel management company in the U.S., generating more than $840 Million in annual revenue, according to Hotel Management Magazine's 2016 rankings.

After breaking ground on the project in 2014, Parks Hospitality Group opened The SpringHill Suites, which sits on Ashes Drive off Sir Tyler Drive across Military Cutoff Road from Mayfaire Town Center, in 2015. The four-story hotel has 120 suites.

In recent years, new hotels have joined the region's inventory to keep up with an increase in demand, and more are coming. Hundreds of rooms are either under construction or on the way to Wilmington's downtown, including a 186-room Embassy Suites at the Wilmington Convention Center, expected to be complete this year.

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