The 109-room Holiday Inn Express & Suites Wilmington West – Medical Park in Wilmington, N.C., has been sold to Ideal Hospitality. The Pooler, Ga.-based company acquired the hotel for $12.95 million from Kismet Wilmington. Other terms and conditions were not disclosed.
Built in 2019, the hotel is located on Medical Center Drive adjacent to Wilmington’s Medical Park district.
The property generated more than $3.8 million in revenue in 2023 and outperformed its competitive set in occupancy, average daily rate and revenue per available room, according to Cushman & Wakefield, which facilitated the deal. Its relatively recent construction also limited anticipated property improvement plan requirements, according to the Chicago-based brokerage firm.
Rick Redmond, director, and Christopher Passeggiata, senior director, Cushman & Wakefield’s Hotel Group, represented the seller in the transaction.
“This property stood out to investors because it offers the combination of strong in-place operating performance, modern construction and an exceptional location within one of North Carolina’s fastest-growing markets,” Redmond said in a statement. “Its proximity to Wilmington’s Medical Park and surrounding healthcare facilities provides a consistent demand base, while the area’s tourism appeal supports additional leisure travel.”