Company also considering sale of DuPont Country Club
On Tuesday, Jan. 31, Delaware based real estate company the Buccini/Pollin Group (BPG) and DuPont announced an agreement for BPG to acquire the historic Hotel du Pont, according to a press release.
BPG’s hotel management affiliate, PM Hotel Group, will operate the hotel, the release states.
The ownership transition and closing are expected to occur on Feb. 28. Terms of the agreement were not disclosed.
Located in Wilmington, the hotel will continue to operate under the Hotel du Pont name, with all of its current amenities intact, including the well-known Green Room restaurant and Gold Ballroom.
The Washington, DC-based PM Hotel Group manages a number of hotel chains, including Hilton, DoubleTree and Embassy Suites, according to their website.
The release states that BPG will unveil its comprehensive restoration plan for the Hotel in the near future, and will begin several targeted capital improvement projects upon closing of the acquisition.
BPG co-owner David Pollin said they are extremely proud that DuPont has entrusted as stewards of the historic site.
“We see ownership of the Hotel du Pont as a public trust and will work with the Wilmington community to ensure its next 103 years are as – or more – successful as its first 103 years," he said. "We expect the transition in ownership and management will be seamless for the hotel’s guests who can continue to expect a premier experience at a premier venue."
Senior vice president of DuPont Corporate Services Richard Olson said that for over 100 years, DuPont has been proud to offer luxury accommodations and first-rate service to its guests.
“We are very pleased to have found the right owner to ensure a bright future for this historic, world-class hotel and downtown Wilmington landmark," Olsen said. "Under the ownership and expert management of BPG and PM Hotel Group, the Hotel du Pont will provide an enhanced luxury experience for the Delaware community and hotel guests from around the world."
The 217-room Hotel du Pont opened in downtown Wilmington in 1913 as part of the family's efforts to serve the local business community and represents the best of Wilmington to visitors from across the country and the world, according to the press release.
Guests have included U.S. presidents and other world leaders, first ladies, religious leaders, world-renowned musicians, artists and actors, professional athletes, and countless local tourists and business professionals, the release states.
The Green Room, the Hotel’s signature restaurant, has been recognized with the AAA Four-Diamond Award and the Forbes Four-Star Award.
DuPont also plans to explore a potential sale of the DuPont Country Club, located on Rockland Rd. in Wilmington.
According to the release, as with the hotel, the company's "foremost consideration will be securing a bright future for the venerable club, and ensuring that it provides an even greater experience for its members and the Wilmington community."
BPG is a privately held, integrated real estate acquisition, development and management company with offices in three states, and has acquired, developed and owns real estate assets having a value in excess of $4.0 billion, including over 40 hotels, 6 million square feet of office and retail space, 10 major residential communities, and multiple entertainment venues, including Talen Energy Stadium, home of the Philadelphia Union Major League Soccer team, according to a press release.