The historic Divine Riviera Hotel, situated in Newark’s Central Ward, has traded hands for the first time in 17 years.
The hotel, erected in 1922, was a significant player in the desegregation of Newark’s and the national hotel system.
LRES duo, Ryan Cerqueira and John Marzano, completed the sale of the once dubbed “Million-Dollar Hotel” representing both the seller and the buyer. The Newark-based brokerage procured a local buyer for the 8-story, 220 room hotel, whose exact plans for the 100,000 square foot structure are unknown but hope to breathe new life into the building.
“Once we secured this assignment, we knew that there would be no shortage of buyers lining up to bid on this historic Newark gem,” Cerqueira said, “We’re excited for the future of the hotel under its new stewardship and look forward to its restoration as a pillar in Newark’s Old Third Ward.”
The Divine Riviera Hotel has rich history. The hotel has seen a number of high-profile owners throughout its tenure, namely, Reverend Major J. Divine. Divine was a civil rights activist whose role in desegregating the United States lodging system began with the $550,000 cash purchase of the Riviera Hotel in 1959.
“It was an honor to participate in the transaction of an asset with so much history” Cerqueira concluded.