HREC Investment Advisors arranged the sale of the 119-guestroom Clinton Inn Hotel & Event Center, located in Tenafly, N.J., near the George Washington Bridge. 145 Dean Drive purchased the property.
Ketan Patel (SVP – Washington D.C.) and Geoff Davis (president & senior principal – New York) exclusively represented the seller, Concord Hospitality Enterprises, during the transaction.
“We are pleased to have sold this asset for Concord Hospitality. This asset generated a significant amount of interest from a variety of investors. Our knowledge of the local market and ability to run a thorough process allowed the seller to maximize value,” stated Ketan Patel.
“The hotel is in a great location is a high barrier to entry market. Since it was not a branded hotel, the investment community had a number of options to choose from, including various boutique hotel brands, leaving it an independent hotel, as well as alternative uses such as senior living, “ stated Geoff Davis.
The Property is ideally located approximately 3.5 miles from Route 4, and roughly five miles from the George Washington Bridge, which provides access to Manhattan. The Property’s location is proximate to numerous leisure and corporate demand generators in North New Jersey as well as New York City including Times Square, Central Park, Unilever, Samsung, Citibank, LG, CNBC, Maserati, Englewood Hospital, Spectra Laboratories and Huntington Learning Center. Tenafly is located within the New York Metropolitan area, which has a population of nearly 20 million people.