MOUNT LAUREL, NJ-Hotel REIT Highland Hospitality Corp. has sold the Radisson Mount Laurel here for $31.6 million. The soon-to-be rebranded under the Marriott flag site sold to an unnamed buyer.
The purchase price for the 283-room asset, currently finishing renovations, works out to $110,660 per room. Highland purchased the site for $14 million in September 2004 and instituted a more than $7-million upgrade to the site. The transaction is expected to close on June 30.
"The sale of the Radisson Mount Laurel hotel provides us an opportunity to sell a non-strategic asset at a significant gain," says Highland president and CEO James L. Francis, "and to use the proceeds to invest in hotel properties more in line with our stated strategy."
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