IRR-Wilmington Mid-Year Viewpoint 2015 Local Market Report - Lodging
The Greater Wilmington lodging market benefits from its positioning along I-95 at the approximate midpoint between New York City and Washington DC. The lodging market offers a broad spectrum of hotel and motel options catering to business and recreational travelers. Lodging inventory consists of nearly 5,600 guest rooms, nearly 50% of which were constructed after 1990. Improvement in room nights sold over the first six months of 2015 resulted in occupancy overall around 57% to 59% depending on segment.
ADR’s have been trending upward, and are anticipated to continue this upward march through the remainder of 2015.
New construction in the market includes Buccini/Pollin Group’s Westin-Wilmington consisting of 180 rooms at the Wilmington Riverfront and Hampton Inn/Suites consisting of 136 rooms along Old Churchmans Road north of the I-95/DE Route 1/DE Route 7 interchange, a 72 room Fairfield Inn & Suites along DuPont Highway north of the I-295/US Route 13 interchange, and a 120 room Four Points by Sheraton along Old Baltimore Pike south of the
I-95/DE Route 273 interchange.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.