Holiday inn

Holiday Inn on Market Street sold for over $10 million

Investors recently purchased a Wilmington hotel for $10.25 million.

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced on Wednesday the sale of the Holiday Inn Wilmington, a 127-room hotel located at 5032 Market St.

“We successfully funded and closed this value-added deal within 90 days,” Jack Davis, vice president of investments at Marcus & Millichap’s Charleston office, said in a press release.

Davis, along with Joce Messinger and Josh Williams, had the exclusive listing to market the property on behalf of the seller, Naman Wilmington LLC, a developer, and also represented the buyers.

The buyer was Homecourt Hospitality Wilmington LLC, which owns two other hotels, both in Charleston, South Carolina.

Williams, who is a Homecourt Hospitality partner, and Joe Ross, another Homecourt investor, said they plan to convert the Holiday Inn to a DoubleTree by Hilton brand in about three years.

“We’ve always kept our eyes open for opportunities in Wilmington and this particular conversion opportunity spoke to us and that’s why we bought the hotel,” Ross said Wednesday.

Williams said, “We like the market. It’s very similar to what we have in Charleston.”

Built in 1985, the Holiday Inn Wilmington also features a bar and restaurant, indoor pool, fitness center, and meeting space.

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