The Somerset Hills Hotel, Tapestry Collection by Hilton at 200 Liberty Corner Road in Warren
By Joshua Burd
An investment manager has purchased two Somerset County hotels with a combined 234 rooms, having secured more than $30 million in acquisition financing for the transaction.
The deal by 6R Capital Group, a Manhattan-based firm, includes the 118-room Somerset Hills Hotel, Tapestry Collection by Hilton at 200 Liberty Corner Road in Warren. The second property is the 116-room Delta Hotels by Marriott Basking Ridge, at 80 Allen Road in the Basking Ridge section of Bernards Township.
6R Capital paid $36 million for the properties, in a deal with an undisclosed buyer. Newmark’s Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of the debt and structured finance team, and Senior Managing Director Daniel Fromm represented the buyer in securing a $31.5 million acquisition loan from Access Point Financial.
All told, The Tapestry has 118 guestrooms with 8,712 square feet of meeting space, while the Delta has 116 guestrooms with 10,707 square feet of meeting space. Both are just off Interstate 78, serving Somerset County’s extensive corporate corridor and providing easy access to New York City and Newark Liberty International Airport.
Under previous ownership, the hotels received a sweeping $28.8 million renovation and rebranding. The Tapestry’s capital infusion, a three-year endeavor requiring the former independent hotel to be fully closed from January 2018 through December 2020, positions the hotel to re-enter the market as a fully revitalized product within Hilton’s global platform, while The Delta, previously an Indigo, saw growth during its first and only fully undisrupted operating year after its conversion.
