BASKING RIDGE, NJ—Broadreach Capital Partners has sold its Dolce Basking Ridge Hotel, a 171-room, full-service, AAA Four Diamond award-winning hotel and executive conference center located in the northern New Jersey community of Basking Ridge, for $30 million, or $175,439 per unit.
Holliday Fenoglio Fowler marketed the property on behalf of Broadreach. The buyer was not identified.
Located 30 miles from Newark International Airport and 40 miles from New York City, Dolce Basking Ridge Hotel is situated on 35 acres in a retreat-like setting at 300 North Maple Avenue. The hotel is in the heart of northern New Jersey on the border of Somerset and Morris Counties, near 49 million square feet of office space and numerous Fortune 500 companies, including Verizon, Chubb Insurance and ADP, all located directly across from the hotel. Completed in 1995, the upscale Dolce Basking Ridge Hotel recently underwent $2 million in renovations to upgrade guestrooms and suites in addition to modernizing the first- and second-floor meeting spaces. The hotel features 21,000 square feet of International Association of Conference Centers-approved function space, Vita Restaurant, Vita Bar, an indoor pool, whirlpool, fitness center, business center, basketball court and tennis court.
The HFF investment sales team representing the seller was led by senior managing director and head of HFF's hotel group, Daniel C. Peek, director KC Patel and associate director Marc Duval, who is based in the firm's Florham Park office.
BASKING RIDGE, NJ—Broadreach Capital Partners has sold its Dolce Basking Ridge Hotel, a 171-room, full-service, AAA Four Diamond award-winning hotel and executive conference center located in the northern New Jersey community of Basking Ridge, for $30 million, or $175,439 per unit.
Holliday Fenoglio Fowler marketed the property on behalf of Broadreach. The buyer was not identified.
Located 30 miles from Newark International Airport and 40 miles from
The HFF investment sales team representing the seller was led by senior managing director and head of HFF's hotel group, Daniel C. Peek, director KC Patel and associate director Marc Duval, who is based in the firm's Florham Park office.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
