Delaware Business Now
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Driftwood Capital, a commercial real estate investment, development and lending platform specializing in hospitality, announced that it has begun construction on the $31 million conversion of an 11-story office building into a brand new Staybridge Suites hotel in downtown Wilmington, Delaware. The property, which will consist of 134 suite-style rooms, is expected to open to the public in the second quarter of 2022.
The project team includes Whiting-Turner Contractor Co. and Dever Architects. Driftwood Hospitality Management (DHM), a national hotel operator with over 20 years of experience, will manage the property. The Delaware State Housing Authority will contribute up to $1,020,000 towards the project through its Downtown Development Districts Rebate Program.