Printer Friendly

NEW JERSEY AND MARYLAND HOTEL PROPERTIES INCLUDED IN SEALED BID SALE ON APRIL 16

 NEW YORK, Feb. 18 /PRNewswire/ -- Three hotel properties on the East Coast, the Travelodge Viscount Hotel in Mt. Laurel, N.J.; the Holiday Inn in Clinton, N.J.; and the Omni International in Baltimore, Maryland, are being offered in The Premier Hotel Properties Sealed Bid Sale. Together their aggregate reserve prices total $27,250,000.
 The sale of 23 properties represents the largest offering to date of privately-owned investment grade hotels, possessing an aggregate reserve price of $175 million.
 The sale is being conducted by two leading international real estate companies and a lodging industry advisory firm: Jones Lang Wootton, Kennedy-Wilson, and Geller & Co. The team's international marketing campaign includes advertising in 45 publications in 10 languages.
 "This is an excellent opportunity to purchase prime investment grade hotel properties at dramatically reduced prices," said Simon J. Milde, managing director of Jones Lang Wootton. Bill McMorrow, CEO of Kennedy Wilson added, "These hotels, each very different, offer distinct advantages to serious buyers who are looking for good investment returns."
 The sellers are financial institutions and private companies, many of whom will provide seller financing. All of the properties in the sale are offered unencumbered by any existing management or franchise agreement. Local property representatives have been assigned to each property and there is a one and half broker cooperation fee available to all registered brokers.
 Located on Route 73, 15 minutes from downtown Philadelphia, and one hour from Atlantic City, the 9-story Travelodge Viscount Hotel features an indoor pool, sauna, exercise room, lounge, restaurant and jogging trail. A 4,300 sq. ft ballroom, together with adjacent rooms, provide convention meeting space. Built in 1972, the hotel occupies 8-1/2 acres. It is offered at a reserve price of $4.5 million.
 The 4-story Holiday Inn in Clinton, located 40 miles from Newark Airport on I-78, is on a nine-acre site, three of which are vacant and could be used for additional development. Built in 1986, the hotel has 7,000 sq ft. of meeting space, a glass-enclosed pool, exercise room, two restaurants, lobby bar and lounge. Having 7,000 sq ft. of meeting space, the hotel is the region's focal point for corporate users who choose this modern facility for business and social functions. The reserve price is set at $7 million.
 The deluxe double-towered 702-room Omni International is a conference hotel located in Charles Center, a 33-acre retail, residential and office complex in downtown Baltimore. The hotel has 28,000 sq. ft of convention space, 2 restaurants, 2 bar/lounges, a health club, outdoor pool and a business center. The North Tower was built in 1967, the South in 1974. The reserve price is set at $16 million.
 According to Larry Vogler, managing director of Geller & Co., "The economics of new construction are prohibitive based on today's current costs and required returns. Buying these existing properties, priced at considerably less than replacement cost, effectively eliminates any new competition being built."
 A Premier Hotel Properties Sealed Bid Sale catalog, containing property descriptions, and the terms and conditions of sale, can be obtained by calling 800-522-6664. Comprehensive due diligence packages are available for each property for a cost of $75. Those wishing to view the properties may call:
 Travelodge, Mt. Laurel, N.J.: Fred Berlinsky or Clark Blynn, of the Metz Co., 609-425-1456; or Holiday Inn, Clinton, N.J.: Doug Kelly of Kelly & Associates, 201-765-0200; or Onmi Int'l, Baltimore, MD: Dennis Malone of W.C. Pinkard Co., 410-752-4285.
 -0- 2/18/93
 /CONTACT: Melanie Keenan for Jones Lang Wootten USA, 212-427-8599/


CO: Jones Lang Wootton USA ST: New York IN: REA SU:

TM-KW -- NY006 -- 7657 02/18/93 08:00 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 18, 1993
Words:609
Previous Article:TWO ATLANTA HOTEL PROPERTIES INCLUDED IN SEALED BID SALE ON APRIL 16
Next Article:NRECA ISSUES STATEMENT ON PRESIDENT CLINTON'S PROPOSALS FOR ECONOMIC STIMULUS AND DEFICIT REDUCTION
Topics:


Related Articles
WEICHERT TO HOLD SEALED BID AUCTION
INTERNATIONAL SEALED BID SALE EXPECTED TO GENERATE $125 MILLION BEFORE FINAL BELL
Hotels to be sold in sealed bid sale.
NJ public auction to feature five commercial properties.
$200M sealed bid sale features McNamara parcels.
KENNEDY-WILSON SEALED BID SALE TO OFFER $88 MILLION IN SOUTHERN CALIFORNIA SHOPPING CENTER PROPERTIES
FORTUNE 500 FIRMS PUT 79 PROPERTIES ON THE AUCTION BLOCK
NEWCOMER TO FLORIDA HITS REAL ESTATE MARKET BY STORM WITH OVER $60 MILLION IN SALES
KENNEDY-WILSON INTERNATIONAL TO OFFER PREMIER HOTEL, RESORT AND GOLF PROPERTIES IN MAJOR U.S. AND EUROPEAN MARKETS
Boston Properties, Inc. Declares Quarterly Dividend.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters