Kushner Buys Princeton Marriott for $38M, UBS Provides $24M CMBS Loan in Deal
UBS provided a $24 million 10-year fixed-rate commercial mortgage-backed securities loan for the acquisition, which closed on Friday.
Located at 100 College Road in Princeton, N.J., the full-service Marriott property includes 38,000 square feet of meeting space, indoor tennis courts, a swimming pool, a spa and a restaurant. It sits adjacent to Forrestal Village, a 52-acre, 720,000-square-foot mixed-use retail and office complex.
CO first reported in June that Kushner had launched a hospitality platform and would be investing $2 billion in the sector, with a primary focus on the acquisition of hotels with large conference facilities. The company hired Will Obeid as its first head of hospitality in November 2017.
“We are pursuing resort markets, we’re pursuing convention center hotels, we’re pursuing urban hotels,” Obeid told CO in June. “These are full-service hotels.”
Earlier this year, Kushner acquired the 24-room oceanfront boutique Bungalow Hotel in Long Branch from Ironstate Development Company in May for $9 million. The hotel, which opened in 2009, is adjacent to Pier Village—which Kushner co-owns with Extell Development—where Kushner is also developing two additional hotels.
Officials at Lone Star and UBS could not immediately be reached for comment.