(To read more on the net lease market, click here.)

SUFFERN, NY-Ratan Hospitality Group LLC of Clifton, NJ has acquired the Wellesley Inn Suffern for $7.3 million. The firm, a subsidiary of Ratan Hotels Group of North Bergen, NJ, acquired the 95-room hotel from the New York City-based BRE/Prime Holdings LLC, a subsidiary of Prime Hospitality. Prime is controlled by the Blackstone Group.

The Wellesley Inn Stamford was built in 1987 and is located off exit 14B of the New York State Thruway at 17 North Airmont Rd. The sale also includes a net-leased Friendly’s restaurant that is attached to the property via an enclosed walkway.

Thomas M. Hamm of Sperry Van Ness in Stamford, CT represented the buyer and the seller. He says that Ratan Hospitality plans to renovate the property and reposition the hotel under a new national flag.

Mahesh Ratanji, CEO of Ratan Hotels Group, says the hotel for the time being will continue to operate as a Wellesley Inn. However, he expects that within the next three to six months, the hotel will operate under a hotel flag of either Choice Hotels International or Cendant Corp. Ratan is also planning an upgrade of the property that will cost between $500,000 to $1 million.

Ratan Hotels Group operates approximately 20 limited service hotels in the Greater New York area. The company, which owns some properties in New York City, has most of its holdings in New Jersey. This acquisition is its first deal for the company in the northern suburbs of New York City.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.