By Tina Traster
The owner of a 108-room hotel in Wildwood Crest has landed nearly $23 million in financing for a sweeping renovation of the oceanfront property.
GreenLake Asset Management LLC, the Los Angeles-based lender in the deal, said the $22.75 million loan funded the sponsor’s acquisition of the property, the address of which was undisclosed, which is set to be transformed into an upscale full-service hotel. Those plans include a full renovation of the interior, exterior, lobby and rooms, plus additional amenities such as a new infinity pool, an outdoor event venue, an ocean view patio lounge, a restaurant and direct beach access.
Located in the Doo Wop Historic Motel District, the hotel’s exterior design and façade will be largely preserved when it opens on Memorial Day weekend in 2023.
“The sponsor has a proven track record in hospitality,” said Peter Chang, managing principal at GreenLake. “He did a fantastic job renovating and upgrading a full-service hotel in Cape May last year within six months of acquisition. With his execution, expertise and strong local network, we believe this project will become a landmark property in the heart of the Wildwood Crest community.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.