| New York, NY � November 7, 2001 �
Intell Hospitality North Brunswick, a private hotel investor, has sold
the 131-room Ramada Inn in North Brunswick, New Jersey, to Apex Hospitality
Corporation in a transaction valued at approximately $6.4 million.
Insignia/ESG Hotel Partners was the owner�s exclusive representative in
this sale. Senior managing director Paul Fitzpatrick and associate
director Nolan Hecht of Insignia/ESG Hotel Partners� New York office oversaw
the marketing and disposition of the asset.
The Ramada Inn was recently repositioned through a $5 million renovation
that included all guestrooms and |
Ramada Inn
999 US Route 1 South
North Brunswick, NJ
|
public areas. According to Mr. Fitzpatrick, �The Ramada Inn is a
very smart buy for Apex Hospitality for several reasons, not the least
of which is location. Apex Hospitality is based in North Brunswick
� blocks from the hotel � and hands-on, local ownership and management
should enable them to tap into the upside potential available in this well-positioned
lodging asset.�
Insignia/ESG Hotel Partners is a leading full-service real estate group
focused exclusively on the hospitality industry.
Insignia/ESG Hotel Partners is part of Insignia/ESG Capital Advisors
Group, which focuses on investment sales and debt financing for major properties
of all types. |
