ILM hotel facing development issues, possible delays
WILMINGTON, NC (WWAY) — Wilmington International Airport’s first hotel might not be landing anytime soon.
The 150-room, $50 million plus project could be delayed by as much as 18 months.
Rising interest rates have affected revenue for the hotel’s developers and more time is needed to bridge the funding gap.
On Wednesday, the ILM Airport Authority approved an 11-month extension to its due diligence period.
However, if the developers are unable to show their finances are in order by October of 2024, they could lose their property lease to build the hotel.
WWAY has reached out to the developers and the airport authority but has not heard back.
