DuPont Announces Agreement to Sell the Hotel du Pont Business to The Buccini/Pollin Group
New owner has a successful track record in luxury hotel management and dedication to the Wilmington community; all unique amenities of landmark property will be maintained and enhanced
WILMINGTON, Del., Jan. 31, 2017 – Today The Buccini/Pollin Group (BPG) and DuPont announced an agreement for BPG to acquire the historic Hotel du Pont business. The ownership transition and closing are expected to occur on Feb. 28, 2017. Terms of the agreement were not disclosed.
The hotel will continue to operate under the Hotel du Pont name, with all of its unique amenities, including the renowned Green Room restaurant and stately Gold Ballroom. BPG’s hotel management affiliate, PM Hotel Group, will operate the hotel.
BPG is a local, full-service real estate company that has a demonstrated commitment to Delaware and has been a leader in revitalizing the city of Wilmington. Underscoring its commitment, BPG recently announced the acquisition of the DuPont Building that houses the hotel. Its affiliate, The PM Hotel Group has a long and successful record of managing full-service and select-service hotels in the Hilton, Starwood, Marriott and Choice families of brands. 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.
“We are extremely proud that DuPont has entrusted The Buccini/Pollin Group and PM Hotel Group as stewards of this great hotel,” said David B. Pollin of The Buccini/Pollin Group. “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. 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.”
“For over 100 years, DuPont has been proud to offer luxury accommodations and first-rate service to its guests,” said Richard C. Olson, senior vice president, DuPont Corporate Services. “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. 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 prestigious 217-room Hotel du Pont opened in the heart of downtown Wilmington in 1913 to serve the local business community and represents the best of Wilmington to visitors from across the country and the world. Its 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 elegant Green Room, the Hotel’s signature restaurant, has been recognized with the AAA Four-Diamond Award and the Forbes Four-Star Award.
Separately, DuPont will initiate a process to explore a potential sale of the DuPont Country Club. As with the Hotel du Pont, the 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.
The Buccini/Pollin Group, Inc. (Buccini/Pollin) is a privately held, integrated real estate acquisition, development and management company with offices in Washington, D.C., Wilmington, Del., Philadelphia, Pa., and Baltimore, Md. Buccini/Pollin has developed and acquired hotel, office, residential, retail and parking properties throughout the United States.
Buccini/Pollin 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.
The principals of Buccini/Pollin, along with PM Hotel Group (hotel operating company), BPG Real Estate Services, LLC (office property management and leasing), ResideBPG (residential property management and leasing), and BPGS Construction, LLC (construction management), oversee all aspects of project acquisition, finance, development, construction, leasing, operations and disposition for its portfolio properties. The Buccini/Pollin Group has over 3,500 employees in 12 states. For more information, please visit www.bpgroup.net.
DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com.
# # #