Winston to Build in Princeton
PRINCETON, NJ, July 22, 2005. Winston Hotels today announced that it recently closed on the purchase of 4.5 acres of land for $2.94 million and plans to build a 142-room Homewood Suites hotel within the Forrestal Center of Princeton University for an all-in cost of approximately $19.6 million. The company anticipates funding about $12.0 million of the project's cost through a first mortgage loan with the remainder to be funded with available cash. Alliance Hospitality will operate the hotel, which is scheduled to break ground this summer and is expected to open in the first quarter of 2007.
"Princeton has multiple demand generators, including the university and many major corporate office operations," said Joseph V. Green, president and chief financial officer. "We have a proven track record in developing successful projects adjacent to major universities. We believe that the market is strong and the Homewood product will be well received there."
Located in the Forrestal Center on Highway 1, the hotel is one mile from Princeton University. The Princeton market has approximately 12 million square feet of office space, including six million square feet of office space in the Forrestal Center complex.
The upper mid-market Homewood Suites hotel brand is designed for business and leisure travelers who typically stay multiple nights. The hotel will feature 142 residential-style, studio, one and two-bedroom suites with fully equipped kitchens and separate sleeping and living areas and 750 square feet of meeting space.
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