Friendwell Acquires Two Major Northern New Jersey Hotels
Tuesday July 23rd, 2013 - 12:34PM E
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
EAST BRUNSWICK, NJ—The Friendwell Group of Companies has acquired the 405-room Hilton East Brunswick and the 364-room DoubleTree Somerset in Northern New Jersey.
Keystone Realty Capital arranged the sale of both assets and served as the exclusive financial advisor to the institutional seller.
The Hilton East Brunswick is a 405-room hotel that has over 30,000 sq. ft. of meeting space. The DoubleTree Somerset is a 364-room hotel, which is adjacent to the 72,000 sq. ft. Garden State Exhibit Center.
Friendwell plans to make an additional investment in each hotel to reposition them as leading first class, full service hotels in this region.
“We are very excited about these additions to our portfolio,” Jason Cheng, president of Friendwell, said in a statement. “Both of these hotels offer tremendous potential for repositioning within their competitive markets given their outstanding locations and extensive meeting facilities.”
Tags: • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.