PISCATAWAY,NJ-HREC Investment Advisors recent arranged the $9.7 million sale of a local Embassy Suites hotel property, according to a company release. 121 Centennial Avenue, LLC, based out of nearby Edison, New Jersey, was the buyer. This hotel investment group snapped up the property for $9.7 million.
This Embassy Suites sits in a strategic location. Not only is it just off interstate 287, but it also lies near Rutgers University and the Garden State Exhibit Center – a big destination for concerts, conferences and special events.
From HREC, New York office president and senior principal Geoff Davis and Ketan Patel, Vice President of HREC Investment Advisors' Washington D.C were the seller’s exclusive representatives.
In the same company statement, Davis expressed that the hotel property in question could be considered “an excellent investment opportunity” for the buyer. He added that area lodging was definitely impacted by the 2009 downturn but has been “steadily improving” recently despite being slower than the national market in terms of recovery.
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