Nai Global Arranges Sale of Courtyard Marriott in Somerset, NJ
PRINCETON, NJ, November 21, 2006. NAI Global Hotels represented WNC Somerset Company, LLC, in the sale of the Courtyard by Marriott in Somerset, New Jersey, to TLC Somerset, LLC. Terms of the transaction were not disclosed.
WNC Somerset is a joint venture between Syracuse, New York-based Widewaters Group and New Castle Hotels of Shelton, Connecticut. The deal was arranged by NAI Global Hotels Regional Vice President Philippus Miller III, Managing Director Daniel Beider, and Regional Vice President Sanjeev Misra. The, five-story, 162-room hotel is located just off of Route 527, a heavily trafficked roadway for both business and leisure travelers. The property features a Courtyard Caf'e and on-site Ruby Tuesday restaurant. Newport Hospitality Group, Inc. of Williamsburg, Virginia, who has 25 east coast hotel properties under management agreements, will manage the hotel for the new owner.
"The Somerset Courtyard by Marriott was built four years ago and has performed admirably," noted Miller. "The forecast for the New York metropolitan area is for more of the same. This transaction made great business sense for both the seller and the new owner. As a broker, it feels good to know that both parties fully succeeded in their objectives."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
