Savills Studley’s National Hospitality Group today announces that it has received the exclusive mandate to sell the Bethany Beach Ocean Suites – Residence Inn, in Bethany Beach, DE. This beachfront asset, located in the heart of the mid-Atlantic’s premier beach destination, is the first hotel property to open in the market in more than a decade.
The 112-room Bethany Beach Ocean Suites – Residence Inn offers a unique opportunity to acquire a brand new beachfront asset in a market with limited oceanfront zoning available. Located at Hollywood Street and the Boardwalk, and just blocks away from the Bethany Beach Trolley, the location offers easy access to live music at the Bandstand as well as shopping, dining and numerous attractions for summer visitors. Within a few hours’ drive of several major cities, including Washington, DC, Baltimore, MD, Wilmington, DE and Philadelphia, PA, Bethany Beach offers a family friendly escape for all.
The National Hospitality Group, as exclusive agent to the Owner, is led by Executive Managing Director Marc Magazine, Corporate Managing Director Tom Baker, Managing Director Justin Magazine and Senior Analyst Nicole Lane.
“This opportunity to invest is unique because this hotel is the only Marriott affiliated property in the Bethany Beach market and the only addition to supply in Bethany Beach itself in over 10 years,” said Tom Baker.
The property is offered fee simple, and is encumbered by a franchise with Residence Inn by Marriott. Management is available. Since opening in July 2015, the Hotel leads the competitive set in ADR by 41 percent at $348.50 compared to $246.82 RevPar outperforms the competitive set by 26 percent at $245.38 compared to $194.85. With 3,218 square feet of meeting space, the Hotel is positioned to take advantage of off-season group demand for weddings, military and family reunions and corporate outings.