MRA Group, a privately held real estate development and services firm, is set to break ground on a Marriott Residence Inn as part of the ongoing transformative redevelopment of the Chestnut Run Innovation & Science Park campus in Wilmington, Del. The new hotel, developed in partnership with Gulf Creek Hotels, will be part of the 164-acre, 1.3 million-square-foot campus.
"The addition of the Residence Inn is not only an amenity that benefits the CRISP campus, it also serves as a viable hotel option for the broader Wilmington area," Phil Butler, MRA executive vice president and partner, said in a statement. "We're excited to break ground on the hotel and look forward to providing a high-quality experience through the built environment and operational excellence delivered by our partners at Gulph Creek Hotels."
The Residence Inn, a ground-up development, will have 127 guestrooms and will include food service, a full-service bar, meeting spaces and outdoor patio areas catering to the needs of campus tenants and residents of the broader community.
The first hotel to be built in the area in nearly three years, this project is expected to fill a gap in the local market. It will complement the campus's existing and planned amenities, which include childcare and fitness centers, a bank, restaurant and outdoor recreation spaces.
Construction financing was arranged by D2 Capital Advisors, with WSFS Bank, Nuveen Green Capital, and Sustainable Energy Utility Incorporated as lenders, underscoring MRA's commitment to energy-efficient building practices.