The Kushner Cos. has purchased the Princeton Marriott at Forrestal for $37.6 million, the real estate development firm announced recently.
The Kushner Cos., headquartered in New York and Florham Park, bought the hotel from Lone Star Funds, it said in a statement. The firm used a $24 million, 10-year fixed-rate loan from UBS to facilitate the deal for the property at 100 College Road E. in Princeton.
The property, adjacent to the mixed-use Forrestal Village complex, includes more than 300 rooms and underwent a recent $10 million renovation, Kushner Cos. said. The property includes 38,000 square feet of meeting space and a fine dining restaurant, among other amenities.
Kushner Cos. said the deal represents the most recent acquisition by its new hospitality platform, led by Will Obeid. It is part of the firm’s strategy to acquire hotels with large conference facilities.
“We are pleased to add this asset to our rapidly growing hospitality platform,” Obeid said in a statement to ROI-NJ. “The Princeton Marriott’s strategic location and strong brand affiliation make it one of Princeton’s most prominent hotels and positions the property for continued success. The recent renovations and new amenities are being very well received by the hotel’s corporate and leisure guests. This asset is part of our three-prong strategy to acquire full-service hotels with large meeting space facilities, in addition to resort properties and urban hotels.”
