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Wellesley Inn Leasehold Is Sold

WHIPPANY, NJ-New owners BRE/Prime Holdings and WIH plan to upgrade and rebrand the 108-room hostelry.

By Eric Peterson | Updated on January 06, 2009

WHIPPANY, NJ-Co-owners BRE/Prime Holdings and WIH Hotels–both of New York–have sold the leasehold interest in the Wellesley Inn, here, to Whippany Lodging LLC, a locally based investment group. The 108-room hostelry is located on Route 10, about 20 miles from Newark Liberty International Airport.

The deal was arranged for both sides by Thomas M. Hamm of Sperry Van Ness in Stamford, CT, who is also national director of the firm’s hospitality group. The sale marks the sixth Wellesley Inn sold by Hamm, including two properties that traded in 2008 just to the north in New York’s Rockland County. Financial details were not released, but industry sources put the number in the $4-million to $5-million range.

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