Access Point Financial Lends $32M on Purchase of New Jersey Hotels
Real estate investment platform 6R Capital Group has sealed $31.5 million of acquisition financing for the purchase of two New Jersey hotels, Commercial Observer has learned.
Access Point Financial provided the loan for 6R Capital Group to acquire Hilton’s Somerset Hills Hotel and Delta Hotels by Marriott Basking Ridge.
Newmark (NMRK) arranged the transaction with a team led by Dustin Stolly and Jordan Roeschlaub alongside Daniel Fromm, Tyler Dumon and Holden Witkoff.
Located at 200 Liberty Corner Road in Warren, N.J., the Somerset Hills Hotel is part of Hilton’s Tapestry Collection and comprises 118 guest rooms with 8,712 square feet of meeting space. The 116-key Delta Hotels at 110 Davidson Avenue in Somerset features 10,707 square feet of meeting space.
The hotels underwent $28.8 million in renovations under previous owner Valor Hospitality Partners. The Somerset Hills Hotel was closed from January 2018 through December 2020. The Delta was formerly operated under the Indigo brand.
6R Capital Group and Access Point Financial did not immediately return requests for comment.
Andrew Coen can be reached at email@example.com.