US: Driftwood Capital has completed a new US$31 million Staybridge Suites hotel in downtown Wilmington, Delaware.
The 11-storey property features 134 suites, a lounge, fitness centre, shop, and a business centre with meeting spaces.
Delaware is a top location for US and international businesses, with more than 65 per cent of all Fortune 500 companies and more than half of all US publicly traded companies incorporated in the state.
Carlos Rodriguez, CEO of Driftwood Capital said: “As the corporate capital of America, Wilmington has built-in demand for quality, convenient accommodations to serve corporate travellers as well as the increased number of leisure travellers visiting the area. Driftwood identified a void in the hospitality market, with little new hotel development in the city over the past twenty years and is excited to deliver a new extended stay option to travellers in the heart of Downtown Wilmington.”
Driftwood Hospitality Management (DHM), a national hotel operator will manage the property.
Driftwood Capital is one of the US’s leading hospitality sponsors. Since its inception, Driftwood Capital has transacted on more than US$3 billion in hospitality assets, including new ground-up hotel development projects, cash-flowing hotels and hotel-backed loans, backed by an international network of more than 1,200 investors.
Delaware recently had another property added to its extended stay options with the opening of Hyatt House earlier this year.
