Savills arranges sale of two Delaware hotels
Savills has represented Bethany Boardwalk Group and Bethany Beach Ocean Inn, in the disposition of the 112-room Bethany Beach Ocean Suites Residence Inn and the 100-room Holiday Inn Express in Bethany Beach, Delaware.
The properties were acquired by EOS Acquisitions, LLC.
The Savills team was led by hospitality capital markets experts Marc Magazine, executive managing director, and Tom Baker, corporate managing director, who are based in the firm’s suburban Washington, DC office in Tysons.
“The successful sale of these two irreplaceable assets is evidence of the extremely high barriers to entry that exist in Bethany Beach, particularly on the oceanfront,” says Magazine. “The buyer has secured control of the only hotel properties in town.”
Located at 99 Hollywood Street, the Bethany Beach Ocean Suites is affiliated with Residence Inn by Marriott. The oceanfront hotel offers resort-like suites, a full-service spa and five spacious meeting rooms. The Holiday Inn Express Bethany Beach, an IGH Hotel, is located at 39642 Jefferson Bridge Road. The property has a 1,400-square-foot flexible conference space, a business centre, and sits two blocks from the beachfront.
“Bethany Beach is one of the most desirable beach communities on the East Coast,” says Baker. “This transaction is further evidence of the continued popularity of drive-to destinations despite the impact of Covid-19 on the travel sector.”
Savills was the sole adviser in the transaction.