WILMINGTON, DE—The Buccini/Pollin Group (BPG) and DuPont entered into an agreement for BPG to acquire the historic Hotel du Pont. The ownership transition and closing are expected to occur on Feb. 28. Terms of the agreement were not disclosed.
The hotel will continue to operate under the Hotel du Pont name, with all of its amenities, including the Green Room restaurant and Gold Ballroom. BPG’s hotel management affiliate, PM Hotel Group, will operate the hotel.
BPG, a local, full-service real estate company, recently acquired the DuPont Building that houses the hotel. 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, co-founder and co-president 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.”
The 217-room Hotel du Pont opened in the heart of downtown Wilmington in 1913 to serve the local business community. 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 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 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 dupont.com.