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Highland Sells Hotel for $32M

MOUNT LAUREL, NJ-On the eve of the Radisson Mount Laurel being rebranded as a Marriott, Highland Hospitality Corp. sells it for $31.6 million. The McLean, VA-based hotelier picked up the asset in 2004 for approximately $14 million.

By Sean Ryan | Updated on May 17, 2006

Sean Ryan is associate editor of Real Estate New Jersey .

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.

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