TRENTON, NJ-Edison Broadcasting subsidiary Welcome Hotel Group has completed the acquisition of the bankrupt Lafayette Yard Hotel & Conference Center in Trenton, N.J. from Lafayette Yards Community Development Corporation.

The 197-room hotel was purchased for $6 million. Welcome Hotel Group was the winning bidder at a public auction for the property that features 11,000 square feet of meeting space.

“To make sure that we match the best brand for downtown Trenton's only upscale hotel, we are reviewing all of our options with the major first-class hotel franchise brands,” states Mike Marshall, president and CEO of Marshall Hotels & Resorts, operators of the hotel. “The hotel has great bones and fundamentally is in very good shape. However, it will need investment to conform to the standards of the future brand. The hotel will remain open during the selection and renovation, which we expect to take three to six months. Fortunately, we don't anticipate the renovation activity to be undisruptive to our guests.

“New ownership brings new energy and investment, which will have a positive impact on this property,” Marshall adds. “Now that the bankruptcy is in the past and ownership is settled, potential brands and guests will have greater confidence in the long-term viability of the Lafayette Yard. Because the hotel is privately held, we can be more entrepreneurial and creative in our marketing and operations.”

Marshall said  his management company is undertaking a thorough analysis of the hotel. Located at 1 W. Lafayette St. in downtown Trenton, the Lafayette Yard Hotel & Conference Center is located near the U.S. Federal Court, New Jersey state government office, and both the New Jersey State Supreme Court and the Mercer County Court.