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MONTVALE, NJ – This Bergen County community is one of New Jersey’s toniest business addresses, and has a growing hospitality sector to serve that group. So when a hotel property becomes available, it’s usually the object of much investment affection.

So it was when Fort Lauderdale, FL-based Gami Inc. made available its 190-room Holiday Inn, located near the Garden State Parkway, I-287, I-87 and I-80. Julius Borrus of Borrus Associates, based in Old Bridge, NJ, brokered the sale of the property to a private group of New York City-based investors. The purchase price and terms of the transaction were not disclosed.

The property is geared to business travelers. Besides its 190-room capacity, the facility includes a total of six meeting rooms and a banquet facility with a capacity of 450, according to Borrus.

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