Optimum Sells Kenilworth Inn
New Jersey Independent Boutique Sold to Multi-unit Operator and Developer
APRIL 16, 2008. Optimum Hotel Brokerage announced today that the firm has closed on the sale of the Kenilworth Inn in Kenilworth, New Jersey. The 112-room independent boutique hotel occupies a prominent and highly visible exit location on New Jersey's busy Garden State Parkway. The full service hotel was purchased by Brix Hospitality, a prominent New Jersey-based owner and operator, from Kenilworth Capital, who had owned the hotel since 1993. The hotel features an outdoor pool, full service restaurant and lounge, banquet and meeting space, and a business center. The property also includes an additional 1.5-acre parcel, which could be used for future expansion and development. Joe McCann, president of Philadelphia-based Optimum Hotel Brokerage represented the seller in the transaction.
'The Kenilworth Inn has an excellent Garden State Parkway exit location and is less than one half hour's drive to New York City. It's well positioned to attract the numerous demand generators in the high barrier-to-entry northern New Jersey market,' explained McCann. 'I was pleased to work with the owner in harvesting the hotel's value and achieving his goal of a professional and discreet transaction. I'm confident that the Kenilworth Inn's new owners will capitalize on the property's irreplaceable location and development potential to achieve substantial future value. We were proud to work with both parties in crafting this win-win deal.'
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