Driftwood Acquires DoubleTree by Hilton Downtown Wilmington Legal District
Florida-based Company Continues Expansion with Fifth Addition to its Portfolio in Last 60 Days
North Palm Beach, FL - October 10, 2011 - Driftwood Hospitality Management, a leader in providing solutions-based services for the domestic and international hotel industry, announced the expansion of their portfolio with the acquisition of the DoubleTree by Hilton Downtown Wilmington Legal District, in Wilmington, DE. The $12MM purchase, through selling broker Holliday Fenoglio Fowler, L.P., was part of a joint venture announced earlier this year between Driftwood and AGRE U.S. Real Estate Fund, L.P., a real estate investment fund managed and advised by an affiliate of Apollo Global Management, LLC. Armet Capital served as the investment advisor to Driftwood in this transaction.
“The DoubleTree by Hilton Downtown Wilmington is an excellent addition to our owned and managed portfolio,” commented Steve Johnson, Executive Vice President of Acquisitions for Driftwood Hospitality Management. “Downtown Wilmington is a dynamic area, and this property fits perfectly into our long term growth strategy.”
The 217-room DoubleTree by Hilton Downtown Wilmington Legal District is set in the heart of downtown Wilmington's legal and financial district. Conveniently located 20 minutes from the Philadelphia International Airport and five blocks from the Wilmington Amtrak station, the hotel offers spacious, contemporary guest rooms and deluxe amenities. The hotel is located at 700 North King St.
Additional information is available at the company's newly launched website, www.TheDriftwoodDifference.com.
About Driftwood Hospitality Management
Based in North Palm Beach, Fla., Driftwood Hospitality Management, LLC is a leader in providing solutions-based services for the domestic and international hotel industry. Boasting extensive management experience and relationships with most major hotel franchising companies, Driftwood covers the full spectrum of lodging business needs, from full-service, upscale and upper-upscale hotels, in addition to mid-size extended-stay, select and limited-service properties. Currently, Driftwood's focus is on strategic acquisition, development, third-party management and receivership. Driftwood has extensive experience working with major brands, including InterContinental Hotels Group, Starwood Hotels & Resorts Worldwide, Inc., Hilton Worldwide, Carlson, Choice Hotels International, Inc. and Wyndham Worldwide. Driftwood has additional offices in Costa Rica, Scottsdale, Ariz. and Miami, Florida. In the past three years alone, the company and its hotels have received more than 20 industry awards.
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