X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FREEHOLD, NJ-The new owners of the American Hotel here have unveiled plans for a $3.5 million renovation of the property and say they expect to re-open the shuttered venue in about a year. The renovation involves the lobby, a new restaurant and meeting space totaling 17,000 sf and 22 guest rooms adding up to an additional 10,000 sf.

The current owner is Steven Goldberg, a Manalapan, NJ-based businessman and operator of a group of adult day care centers, who bought the property and its liquor license in 2006 for $2.5 million. That acquisition came via a bankruptcy sale after previous owner Truong Dinh Tran of New York defaulted on his hotel holdings.

Tran himself had acquired the property and its liquor license a year earlier, outbidding 15 others and picking the asset up for nearly $4.4 million. Originally built as a stagecoach stop in 1824 and expanded in 1928, the American Hotel was shut down in early 2004 for fire-code violations.

The current redevelopment team assembled by Goldberg includes architect Michael Testa, also of Manalapan, and the locally based T&K Contractors, general contractors for the work.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.