SADDLE BROOK, NJ-The long vacant former Holiday Inn off Route 80 here has been acquired by a start-up-hotel investment firm based in Orlando, FL that plans to reopen the property as a Crowne Plaza Hotel.

Alena Hospitality LlC of Orlando acquired the 12-story, 97,000-square-foot property from United International Bank of Queens, NY for an undisclosed sum, according to The Record. The property operated as the Saddle Brook Hotel and Conference Center when it closed in 2010.

According to the company's website, Alena Hospitality is looking for distressed hotel assets within the Southeastern US, with a primary focus in Florida. Since its inception in 2012, the company has acquired more than 700 hotel rooms exceeding $50 million in value.

Saddle Brook has been trying to spur investor interest in the graffiti-laden property. Saddle Brook Mayor Karen Chamberlain says of the reported sale, “It's so rundown ... I want to see the end result be that we're going to have a beautiful new hotel in Saddle Brook to accommodate visitors.” See story in The Record.