Proposed Hotel for Sale
New Jersey
SOLD

Property Location: New Hampshire Ave at the intersection of Oak Street.

Site description: 4.082 acres. Currently vacant land. Frontage 300 ft. Depth 595 feet. The site is easy access from the garden state parkway (exits 91,89,88) right near Rt. 70 and near Rt. 9.

Proposed: Seller is in the process of going for a approval for 135 room extended stay hotel with 4-5 stories and no more then 149 parking spaces.

Area Attractions: Georgian Court College, Lakewood Blue Claws Stadium, 20 minutes to the beach and 25 minutes to great adventure.

Business attractions: Lakewood has the second largest industrial park in the state of New Jersey. Lakewood is proposing a 1,500,000 sq. ft. office park adjacent to this site. For more information go to www.cedarbridge.com

Competition:

• Currently under construction in Lakewood is a Hilton Garden Inn.
• Other close hotels are the Ramada, Toms River and the Best Western in Lakewood.
• Closest extended stay hotel is in Tinton Falls which is 15 miles away.

Projected ADR and occupancy:

• Occupancy should be between 70-75%.
• ADR should be at $ 110.00 per night.

Price: 18,000.00 per key. [$2,400,000]

Seller responsibilities:

• Seller will deliver buyer all approvals from local township and county approvals needed to complete this project.

Buyer responsibilities:

• To provide seller with architectural plans, additionally to apply to the MUA[Municipal Utilities Authority] for water and sewer hook up [additional cost at buyers expense of approximately $25,000.00] and an additional 4-6 months of approval time.

Franchise interest:

• Marriott expressed interest for either a Fairfield Inn, Springhill Suites or a Townplace Suites.
• The Intercontinental expressed interest for either a Staybridge Suites or a Candlewood Suites.
• Choice Hotels expressed interest for a Comfort Suites.