Jones Lang LaSalle Hotels’ Select Service Division Arranges the Sale of the Wyndham Garden Hotel Mount Olive
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Jones Lang LaSalle Hotels’ Select Service Division Arranges the Sale of the Wyndham Garden Hotel Mount Olive
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2008-01-28
On behalf of Cornerstone Real Estate Advisers LLC, Jones Lang LaSalle Hotels’ select service division is pleased to announce the sale of the Wyndham Garden Hotel Mount Olive at International Trade Center in Mount Olive, New Jersey to Northstar Hotels. The property features 141 spacious guest rooms and suites in a five-story, interior corridor building. The hotel offers upscale amenities including a full-service restaurant, a lounge, an indoor swimming pool, a Jacuzzi, a fitness center and approximately 3,600 square feet of flexible meeting space.
Mount Olive is situated in scenic northwestern Morris County, New Jersey, approximately 45 miles west of New York City. As a global hub for business, Morris County is home to major pharmaceutical, manufacturing, high-tech, distribution, law and healthcare firms. By virtue of its location, transportation infrastructure and the presence of Fortune 500 companies, the county enjoys favorable area employment, population growth and a significant office and industrial market. These factors have led to a strong local economic base for the Morris County.
“The investor had an opportunity to purchase and firmly position the Wyndham Garden Hotel in a strategic, expanding market,” said Mark von Dwingelo, a senior vice president for Jones Lang LaSalle Hotels. “With a renovation, attractive re-branding options and continued area development, the hotel is in a position to experience significant upside potential, which will drive both occupancy and average daily rate.”
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