Mehul Patel Of Ideal Hospitality Acquires Hotel In Wilmington For $12.95M

The hotel asset involved in this transaction is the Holiday Inn Express & Suites Wilmington West – Medical Park, located at 839 Medical Center Drive, Wilmington, NC. The property was sold for $12.95 million, encompasses 60,000 square feet, and consists of 109 keys. The hotel occupies 2 acres and was built in 2019, generating over $3.8 million in revenue in 2023.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $12,950,000
• Address: 839 Medical Center Drive
• Market: Wilmington, NC
• Square Footage: 60,000
• Price Per Square Foot: $216
• Keys: 109
• Price Per Key: $118,807
• Buyer: Mehul Patel - Ideal Hospitality
• Seller: Kismet Wilmington LLC
• Brokers: David Greenberg, Rick Redmond & Christopher Passeggiata - Cushman & Wakefield

Mehul Patel of Ideal Hospitality represented the buyer in this transaction. The transaction was facilitated by brokers David Greenberg, Rick Redmond, and Christopher Passeggiata from Cushman & Wakefield. The property benefits from its strategic location near Wilmington’s Medical Park, healthcare facilities, and coastal attractions.