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.