Driftwood Capital Begins Conversion of Delaware Office Building to 134-Room Hotel

WILMINGTON, DEL. — Miami-based Driftwood Capital is underway on a $31 million project that will convert an 11-story office building in Wilmington, Del., into a 134-room hotel that will be operated under the Staybridge Suites brand. The new hotel, which is expected to open in the second quarter of next year, will offer a lobby lounge, fitness center, business center with meeting space and a convenience mart. First International Bank & Trust provided $14.9 million in construction and permanent financing for the project. Other partners include Whiting-Turner Contractor Co. and Dever Architects. Driftwood’s in-house hospitality management team will oversee operations of the property.