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BASKING RIDGE, NJ-The North Maple Inn, a 171-key hotel and conference center that was the one-time AT&T training center, is on the market. Current owner Pfizer has tapped Jones Lang LaSalle to find a buyer for the 35-acre property. A spokesperson for JLL Hotels declined to reveal an asking price.

The North Maple Inn was purpose-built in 1995 as AT&T’s main conference and training center and sits just across the road from the former AT&T world headquarters campus here. As reported by GlobeSt.com, Pharmacia bought the campus, including the hotel/conference center, in 2002 from AT&T, but never used it–the property was inherited by Pfizer when it acquired Pharmacia later in 2002. Pfizer sold the former AT&T office complex to Verizon Wireless in 2005, but held onto the North Maple Inn, until now.

“We anticipate strong investor interest,” says Alan Tantleff, EVP for JLL Hotels in New York. “This opportunity presents a host of investment factors: an unencumbered sale of a fee-simple asset, proximity to Manhattan, which is an hour away, growing corporate and leisure demand in the market, significant value enhancement potential and an in-place cash flow.”

“The conference center segment has gained momentum in the past 12 months,” says Amelia Lim, VP for JLL Hotels. “Renewed corporate focus on employee training and strategic planning sessions are reflected in double-digit profit growth for this specialized niche of the lodging industry.”

The North Maple Inn has had consistent management through the change of ownership from AT&T to Pharmacia and Pfizer. Throughout the past several years the property has continued to be managed by Benchmark Hospitality, a Woodlands, TX-based company that specializes in similar properties.

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