Blue Water Development, a leading real estate investment and outdoor hotel management company, announced the sale of the only two hotels in the popular East Coast beach community of Bethany Beach.
The 112-room Bethany Beach Ocean Suites Residence Inn by Marriott and the 100-room Holiday Inn Express Bethany Beach were purchased by a private real estate investment firm.
Blue Water built the Bethany Beach Ocean Suites in 2015 as the first and only hotel on the resort’s boardwalk; The luxury oceanfront hotel has since been the upscale property of choice at Delawares Quiet Resorts.
“Our focus is on creating great accommodations for our guests, and we felt the complex process of building a promenade in one of the east coast’s most sought-after beach destinations would be worth it – and we were right,” said Todd Burbage, CEO of Blue Water. “At Blue Water, we don’t shy away from complicated projects. Ocean Suites excellence is just one example of our continued persistence and determination to create unique, high-quality, family-friendly assets in high-barrier markets. We look forward to pursuing similar opportunities and know that we are putting this special project in good hands. “
To further serve families and business travelers visiting Bethany Beach and the surrounding Coastal Delaware communities, Blue Water acquired the Holiday Inn Express in 2018. With an outdoor pool, fitness center, and large meeting room, this is the only other hotel in the immediate area and is only two blocks from the beach.
“Building, owning, and operating these hotels – along with our many waterfront properties – have provided us with unique insights into what family beachgoers want in a destination and experience,” said Burbage. “We look forward to applying this knowledge to new regions across the country and working to bring the ultimate vacation experience to all of our camping, glamping and hotel families.”
In addition to its existing portfolio of more than 20 waterfront or waterfront properties, Blue Water is currently developing seven RV resorts and four hotels. The company specializes in converting real estate into upscale luxury real estate by focusing its portfolio on already developed properties with growth potential in sought-after locations near a body of water and / or public parking spaces. Blue Water also has extensive experience in the licensing and basic construction of resort hotels and RV resorts.
For more information, see bwdc.com/portfolio/. To discuss acquisition or investment opportunities, contact Carl Kruelle, Chief Investment Officer, at, ckruelle@bwdc.com.
