Emory Hill News

Downtown Wilmington Office Building Sold to Hotel Owner | March 2, 2015

DSC_1060An iconic Wilmington office building has been sold and will be converted to a hotel by the new owner. 1300 Market Street, a seven-story building located at the corner of 13th and Market Streets in the Wilmington Central Business District, has been purchased by Canon Patel, President of Canon Hospitality Management LLC, which is based in Newark and operates hotel and hospitality properties in Delaware and Pennsylvania.

Patel said the new hotel, which will reveal its flagship brand name in the near future, will target extended stay travelers and will have about 96 total suites to include 84 studio suites and 12 one-bedroom suites. All will have full-size upscale kitchens. The hotel will also feature a two-story 3,500 SF breakfast lounge, market pantry, about 3,000 SF of meeting and flex space, a fitness center and guest laundry facilities.

“We are thrilled to be part of the downtown Wilmington community and to contribute to the local economy by providing jobs,” Patel said. “We expect to hire about 20 full-time and 15 part-time employees, and the hotel to be open for occupancy in early 2016.”

The renovation project is already underway and will also create construction jobs according to NAI Emory Hill agents Dave Morrison, CCIM and Jonathan Hickey, who brokered the transaction. The seller was Airport Business Center V LLLP of New Castle, DE.

The 67,000 square-foot office building was originally designed by noted Wilmington architect Walter Carlson in 1951. A contiguous building on 13th Street was annexed in 1984 to enhance the asset. For many years, 1300 Market Street was best known as home to the administrative offices and retail banking operation of Beneficial Bank. In recent years, it has served as a multi-tenant office building.

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