After facing financial delays, the luxury hotel planned at the Wilmington International Airport is ready for takeoff.
The Crowne Plaza Hotel at ILM was initially announced back in 2022 with a targeted opening date of September 2026. The project stalled as New York-based AC Developers, headed by Andrew and Chip Weiss, worked to secure bond financing, the brothers told the StarNews. The developer closed on its deal at the end of September.
"We had tried to do taxable bonds, that took a long time and because the taxable bond market went south, we weren't able to do it," Andrew Weiss said. "So we ended up with tax exempt bonds. They have a lower interest rate, but they're very lengthy and difficult to close."
With financing in hand, the brothers said
that site work is underway on the 20-month endeavor. The new targeted opening date is May 2028.
The hotel, which will be the first new Crowne Plaza build in a decade, will be 900 feet from the door of ILM's terminal, Chip Weiss said.
The upscale, six-story hotel will have 150 rooms along with a restaurant, lounge and rooftop bar. Plans also include more than 5,000 square feet of event and meeting space.
The total cost of the hotel is estimated at $40 million, according to ILM's 2026 Vision Plan. It is just one of several active tenant projects underway at the airport, which represent an investment of roughly $250 million. ILM itself has $238,774,781 in active capital projects, including a parking garage and extended commercial curb. From 2022 to 2031, ILM will have invested roughly $300 million in infrastructure.
The airport needs — and is able to afford — the high-dollar projects due to substantial growth in both passenger traffic and business park developments. ILM has cash on hand to cover operations for approximately 1,593 days, more than double the average of 664 days for small hub airports.
From 2015 to 2025, ILM's annual passenger traffic jumped from 769,809 to 1.8 million, a 134% increase. The airport forecasts that it will maintain between roughly $4.8 to $5.7 million in net operating income for 2026. Expenses for the year are estimated at $16,691,250.
Beyond travelers, a significant portion of ILM's earnings come from its business park leases. The airport has $3.2 million in annual revenues from ground leases, with the number expected to climb to $5.6 million by 2031. The steady stream of revenue makes ILM a friendly place for airlines to do business, with the Airport Authority prioritizing lower costs per enplanement in an effort to attract air service.
ILM maintains a cost per enplanement of $3.82, well below the average of $8.53 — ultimately contributing to higher profit margins for the carriers.
Daniel Sheehan covers New Hanover County for the StarNews. Reach him at dsheehan@usatodayco.com.
This article originally appeared on Wilmington StarNews: Wilmington airport hotel targeting new opening date after delays | Exclusive
