New Castle County reportedly makes high bid for Sheraton South hotel property
From Delaware Business Now
New Castle County was the reported high bidder in an auction for the Sheraton South hotel in the New Castle area.
WDEL and sources within the real estate industry reported the county’s bid was $19.5 million. Bidding had started at $5 million but rose rapidly in the final hours of the online auction.
A New Castle County spokesman did not immediately respond to a request for comment.
The bid will still have to go through an escrow process and perhaps other due diligence.
County Executive Matt Meyer had earlier confirmed that the governmental unit would make a bid for the property for use as a center for the homeless.
The conversion has earned scattered criticism, due to the relative isolation of the property, which sits in a marshy area off Interstate 95.
Meyer told WDEL the center would provide access to services for what is expected to be a growing homeless population as the Covid-19 continues to hammer the economy.