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SECAUCUS, NJ-CapStar Hotel Co., formed less than a year ago, has picked up its third hotel property in the form of the Courtyard by Marriott Secaucus, a 167-key asset here. The sellers were affiliates of the Blackstone Group, and the sale price was not released.

“The property is already a regional market leader, positioned to experience significant future growth,” says Paul Whetsell, the former chairman/CEO of MeriStar Hospitality Corp. who founded the Arlington, VA-based CapStar in 2006. “The property is near New York City and is surrounded by key demand generators, including the Meadowlands Expo Center, Meadowlands Sports Complex, hundreds of major corporate headquarters and the much-anticipated 4.8-million-sf Meadowlands Xanadu complex.”

The acquisition comes on the heels of the recent completion of a $2.2-million renovation that included all guest rooms as part of Marriott’s new generation design concept and “Indigo” guest room package. The new owners plan to spend another $2 million on upgrades, including public areas, the exterior and landscaping.

“Our strategy is to apply our experience in asset management to further take advantage of growing markets and control operating costs to improve margins and enhance the real estate’s value and economic returns,” Whetsell says. “Acquiring this property was a market-based investment decision, and we expect significant returns.”

CapStar’s initial investment came in January when it picked up the 143-room Copley Square Hotel in Boston. The same month, the new company bought the 148-room Hilton Garden Inn in Waltham, MA, just outside of Boston.

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