The new owners plan to redevelop it as "a first-class property targeting business and destination travelers. It will be renovated with new designs and amenities throughout,"according to Charles S. Ramat, president and CEO of Kushner, which has collaborated with these partners on past projects.

Kushner itself is currently developing the Westminster Hotel in Livingston, NJ, while the Berger Organization owns and operates the Robert Treat Hotel in Newark and a Ramada Inn in Jersey City. Lifschutz owns and manages a portfolio of hotels including the Ramada Renaissance in Edison, NJ.

"The property's location offers immediate access to New York City," adds Miles Berger, chairman of the Berger Organization. "It's also convenient to Newark International Airport and just two blocks from the Newport Center PATH [light rail] station. As a result of this proximity, we are in discussions with a number of hotel flags and franchises that have expressed interest in operating the facility."