Blue Water Development reports sales of two Bethany hotels
Blue Water Development, a premier real estate investment and outdoor hospitality 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 privately held 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 oceanfront luxury hotel has been the upscale lodging of choice in Delaware’s Quiet Resorts ever since.
“Our focus is creating standout accommodations for our guests, and we believed that navigating the complex process of a boardwalk build in one of the most desirable East Coast beach destinations would be well worth the effort – and we were right,” said Todd Burbage, Blue Water CEO. “At Blue Water, we don’t shy away from complicated projects. The stellar performance of the Ocean Suites is just one example of our ongoing persistence and determination to create unique, high-end, family-friendly assets in markets with high barriers to entry. We look forward to pursuing similar opportunities and know that we’re leaving 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. Offering an outdoor pool, fitness center and ample meeting space, this is the only other hotel in the immediate area and is just two blocks from the beach.
“Building, owning and operating these hotels – along with our numerous water-adjacent properties – has provided us with unique insights on what family beachgoers are looking for in both a destination and an experience,” Burbage said. “We’re excited to apply these insights to new regions throughout the country and work to provide the ultimate vacation experience for all of our camping, glamping and hoteling families.”
In addition to its existing portfolio of more than 20 waterfront or water-adjacent properties, Blue Water is currently developing seven RV resorts and four hotels. The firm specializes in transforming properties to upscale, luxury assets by focusing its portfolio on already-developed properties with growth potential in desirable locations near a body of water and/or public park lands. Blue Water also has extensive experience in the entitlement and ground-up construction of resort hotels and RV resorts.
For more information, go to bwdc.com/portfolio/. To discuss acquisition or investment opportunities, contact Carl Kruelle, chief investment officer, at ckruelle@bwdc.com.
