EDISON, NJ-The Friendwell Group of Companies has acquired the 405-room Hilton East Brunswick and the 364-room DoubleTree Somerset.
Keystone Realty Capital arranged the sale of both assets and served as the exclusive financial advisor to the institutional seller. No purchase price for either transaction was released.
The Hilton East Brunswick is located within the 1.2 million square foot Tower Center office complex and has more than 30,000 square feet of meeting space including the largest ballroom in New Jersey (excluding Atlantic City). In addition, Friendwell will have exclusive use of 13,500 square feet of executive conference space in one of the adjacent office towers, company officials said.
The DoubleTree Somerset, in Somerset, is located within the 840,000 square foot Atrium Office Parkand. The conference center has more than 27,000 square feet of meeting space. The hotel is adjacent to the 72,000-square-foot Garden State Exhibit Center, and connected to it by covered walkway. Friendwell plans to reposition both hotels as first-class, full-service regional facilities.
Friendwell's president Jason Cheng says, “We are very excited about these additions to our portfolio. Both of these hotels offer tremendous potential for repositioning within their competitive markets given their outstanding locations and extensive meeting facilities."
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