Molinaro Koger (MK) advised the seller in the disposition of the Radisson Hotel Princeton in Princeton, New Jersey, which was acquired by Shamrock-Hostmark Hotel Fund LP. Following the sale, the…
Molinaro Koger (MK) advised the seller in the disposition of the Radisson Hotel Princeton in Princeton, New Jersey, which was acquired by Shamrock-Hostmark Hotel Fund LP. Following the sale, the property will undergo an $8 million renovation and be converted to the Doubletree Hotel brand.
“This was a strategic acquisition for Shamrock-Hostmark and will be an asset to their growing hotel portfolio,” commented Mark Morris, Senior Vice President, Molinaro Koger, who structured the transaction. “The property, which occupies a prime location on an eight acre parcel in Princeton, was obtained at a discount to our estimated replacement cost of $35 million.”
Their purchase of the Radisson Princeton hotel is Shamrock-Hostmark Hotel Fund LP’s second hotel acquisition. Additionally, the Fund has recently gone under contract for its third acquisition: an upscale, full-service hotel in a major metropolitan area of Texas.
“These two new assets represent excellent examples of the types of acquisitions the fund has made and will continue to make over the coming months,” George Buchler, Vice President, Shamrock-Hostmark Hotel Fund LP. “The Fund intends to seek out high-quality hotels that would benefit from enhanced management expertise and/or market repositioning through further investment,” Mr. Buchler added.
“It was truly a pleasure to provide our client with a knowledgeable purchaser capable of decisive due diligence and timely closing,” commented Mr. Morris.
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