Sheraton Wilmington South hotel in New Castle, Delaware, sold
JLL’s Hotels & Hospitality Group closed on the sale of the newly-renovated, 192-room hotel
JLL worked on behalf of the seller, Hersha Hospitality Trust, to complete the transaction with the buyer, New Castle County.
The 192-key Sheraton Wilmington South hotel first opened in 2011 and was renovated earlier this year, encompassing upgrades to common areas, guest rooms, event spaces and mechanical and technology systems. The hotel stands six stories tall and totals 192,275 square feet. The amenities-laden Sheraton Wilmington South features the Wilmington Grille restaurant and Atrium Lounge, an indoor pool, a whirlpool, a fitness center and a business center. The hotel also contains 9,167 square feet of meeting and events space, spanning eight conference rooms.
Situated at 365 Airport Rd., the hotel is located just 10 minutes from Downtown Wilmington, the most populous city in the State of Delaware. The Sheraton Wilmington South hotel is also strategically positioned within the Amtrak corridor, immediately adjacent to the New Castle Airport and proximate to Interstate 95, offering seamless connectivity to Philadelphia, Baltimore and other Mid-Atlantic cities. Additionally, Wilmington’s live-work-play community drives visitation to its nearby cities, including New Castle, which reported over 9.2 million visitors in 2019.
The JLL Hotels & Hospitality team, representing the seller was led by Senior Managing Director Jeffrey Davis, Managing Director Blaise Fletcher, Director Stephen VanLeer, Executive Vice President KC Patel, Associate Nikhil Chuchra and Analyst Desmund Delaney.
“The sale represents a unique opportunity for New Castle County to acquire a newly renovated, institutional hotel of scale,” VanLeer said. “The entire process totaled 12 weeks and received remarkable interest from a host of hotel and alternative investors. With the help of HHM, the hotel will be repurposed and operated as a shelter to support the County’s homeless population.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling more than $83 billion in transaction value worldwide. The group’s global team, comprised of 350 members across 20 countries, has also closed on more than 7,350 advisory, valuation and asset management assignments.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.