MBA Hotel Brokers Announces Sale of the Madison Suites Hotel, New Jersey
SOMERSET, N.J. January 26, 2017 - MBA Hotel Brokers, Inc. announces the successful December 2016 sale of the Madison Suites Hotel, located at 11 Cedar Grove Lane, Somerset, New Jersey, at a final sale price of $4,100,000.
John Downes, Associate Broker, MBA Hotel Brokers Inc. noticed on an internet website in January 2016 that the hotel was listed “for sale by owner”. Mr. Downes said, “I knew the principal owner of Shree Ganesh Hospitality, through multiple sales calls over the years while with Wyndham Hotel Group as a Franchise Sales Director, and I've also been in contact with the owner while with MBA Hotel Brokers”.
Mr. Downes convinced the seller to utilize the national marketing network and 6,000 plus potential buyer database of MBA Hotel Brokers to exclusively market and sell the hotel, rather than to try to sell as an owner, without the services of a professional hotel broker. MBA Hotel Brokers, worked through a co-brokerage license agreement with Thomas J. Fox, of T. J. Fox Company, a licensed New Jersey hotel broker.
MBA Hotel Brokers' first marketing push resulted in more than 100 prospective buyer inquiries. In addition, John Downes pursued several potential buyers in the northern New Jersey market area including the owner of a nearby Holiday Inn Express, whom John Downes had met during a previous MBA Hotel Brokers personal call sales-blitz in the surrounding New Jersey area. The winning offer to buy the hotel came from this buyer who formed the partnership, Somerset Hospitality Holdings LLC, and closed the deal.
The buyer plans to do a massive renovation of the property and convert it to a boutique hotel. The Madison Suites hotel was sold free and clear of any franchise affiliation. The property includes 80 rooms, 40 of which are bi-level suites with two floors and interior corridors. The hotel is in the business district of Somerset near a large corporate office park and Rutgers University.
MBA Hotel Brokers Inc. has been advising on hotel transactions for over 20 years. MBA Hotel Brokers has a corporate office headquartered in Maryland and five additional branch locations. MBA Hotel Brokers Inc. has closed hundreds of hotel sales, in 26 states throughout the USA. For more information, contact Charlie Fritsch at [email protected] or John Downes at [email protected] or go to www.mbahotels.com.
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