The property, which just opened this past February, is located in the Princeton-area market. Among the hotel's amenities are a 24/7 food market and a business library, according to Hersha president/COO Jay H. Shah.
"The acquisition of Marriott's first new Courtyard prototype to open in New Jersey will continue our strategy of targeting high-quality branded products in major northeastern markets with high barriers to entry," explains Shah. "This transaction furthers our relationship with Marriott as they re-invigorate their brands with products like this prototype."
The deal also continues Hersha's relationship with American Properties Realty. In the most recent transaction involving the two companies, Hersha bought the Hilton Garden Inn in Edison, NJ from APR.
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