SADDLE BROOK, NJ—The former Holiday Inn hotel here that was to open soon as a Crowne Plaza, is being sold in connection with a $72.8-million lawsuit filed against the property owner, who also faces criminal fraud charges.
Building owner Nikesh Patel of Orlando, FL, according to a consent agreement, will sell his portfolio of five hotels, including the 148-room hotel at Kenny Place in Saddle Brook. Patel and his Alena Hospitality LLC acquired the leasehold on the property in July 2013 for $1.6 million. Since the deal, the property has undergone an extensive renovation, according to The Record.
Patel was arrested on Sept. 30 on federal loan fraud charges. In the consent order filed Oct. 14 with the U.S. District Court for the Northern District of Illinois Patel agreed to sell the Saddle Brook hotel and four others, three in Orlando and one in Peoria, IL.
Saddle Brook Mayor Karen Chamberlain says the work on the hotel, including the renovation of its rooftop restaurant, is "99 percent done."
"I was hoping it would help with the unemployment rate for some people in Saddle Brook." Chamberlain says. "Right now, I feel this is disastrous for Saddle Brook as a town." See story in The Record.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
