NJ Comfort Suites Sold for $1.75M
Friday July 27th, 2012 - 11:16AM
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BUDD LAKE, NJ—Marcus & Millichap Real Estate Investment Services sold a 53-room Comfort Suites here on behalf of a limited liability company for $1.75 million.
The undisclosed buyer's strategy for the asset is to reflag it as a Super 8, according to M&M.
The Comfort Suites is a two-story, interior-corridor hotel that was built in 2001 and is located at 102 Route 46 West.
Tags: Hospitality Brokers Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.