X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WHIPPANY, NJ-Co-owners BRE/Prime Holdings and WIH Hotels–both of New York–have sold the leasehold interest in the Wellesley Inn, here, to Whippany Lodging LLC, a locally based investment group. The 108-room hostelry is located on Route 10, about 20 miles from Newark Liberty International Airport.

The deal was arranged for both sides by Thomas M. Hamm of Sperry Van Ness in Stamford, CT, who is also national director of the firm’s hospitality group. The sale marks the sixth Wellesley Inn sold by Hamm, including two properties that traded in 2008 just to the north in New York’s Rockland County. Financial details were not released, but industry sources put the number in the $4-million to $5-million range.

“To a large extent, these were all challenging transactions that were encumbered by ground leases, partnership interests and rebranding requirements,” Hamm says. “In this case, the Wellesley Inn was a non-core holding of Prime Hospitality.”

Also in this case, the just-traded property is up for rebranding. “The buyers plan to invest a substantial amount in renovations and [into] a rebranding program under a national hotel flag that will be announced soon,” Hamm says.

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?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.