Mid-Atlantic and Northeastern Region
Double Tree - Courtyard Conversion
Revelo Hospitality Fund I, LP (“Sponsor”) has negotiated a Joint Venture contract to acquire a 95% share of a 139-key DoubleTree in NJ (the "Hotel" or "Property"). The asset is currently owned and operated by a large hotel management company. With a plan to convert the asset to the Courtyard brand by Marriott. This transaction represents a compelling opportunity to purchase a stake of equity in a high-quality asset at a discount to replacement.
With the deal currently in control, this is a favorable asset with in-place debt and an in-place management company. With a strong renovation and conversion to a higher reputable brand, the asset is expected to produce cash flow and moderate return on investment.
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