News for the Hospitality Executive |
Hotel AG Brokers Sale of 364-room Wyndham Hotel in Princeton, New Jersey
ATLANTA
– July 18, 2011 – Hotel Assets Group, LLC (Hotel AG), announced today
they
closed the 364-room Wyndham Princeton Forrestal Hotel and Conference
Center in
Princeton, New Jersey on behalf of US Bank. The property sold to
InnZen
Hospitality for an undisclosed amount. "This sale is another example of a stabilizing hotel transaction market. This full-service hotel is intrinsically spectacular but suffered financial setbacks over the last couple of years, thereby resulting in a sales price that was below the debt,” stated Keith Thompson, principal of the firm. “The buyer is a very well respected New Jersey-based hotel company that plans to renovate and convert the hotel, and will do very well with the investment.” The
Wyndham is a full-service hotel and conference center located four
miles from
Princeton University. The Hotel offers a
unique layout and design situated on more than 35 acres comprised of a
three-
and five-story main hotel structure with an adjoining building
comprising the
conference facility. The Hotel provides a full-service fitness center,
an
indoor swimming pool, two full-service restaurants and 47,000 square
feet of meeting
space. The Property is attached to the 650,000-square-foot Ivy Office
Complex.
About Hotel AG Headquartered in Atlanta, Georgia with 19 national offices, Hotel AG is a specialized brokerage firm offering hotel-specific real estate and investment banking within the United States. The company conducts business with REITs, public and private companies, institutional clients and individual owner operators. Today Hotel AG has 129 hotels on the market in 33 states valued at $1.3 billion. Hotel AG can be found online at www.hotelassetsgroup.com. |
Contact:
Wendy
Blissett, CCIM Hotel Assets Group, LLC 678-596-9669 direct 678-261-6514 facsimile [email protected] www.hotelassetsgroup.com |