North Maple Inn for Sale
MARCH 2, 2007. On behalf of Pfizer, Jones Lang LaSalle Hotels has been selected to exclusively market the North Maple Inn for sale. The four-diamond, IACC ("International Association of Conference Centers")-certified hotel and conference center is located less than one hour west of Manhattan, in Basking Ridge, New Jersey.
The North Maple Inn was purpose-built in 1995 as AT&T's flagship conference and training facility. The 171-room property is ideally situated to serve the numerous Fortune 500 companies in Northern New Jersey as well as the area's thriving pharmaceutical industry. Set on 35 wooded acres, the North Maple Inn's well-appointed accommodations and state-of-the-art technology have earned it the coveted IACC designation, signifying excellence as a conference center.
"We anticipate strong investor interest in the North Maple Inn," said Alan Tantleff, executive vice president for Jones Lang LaSalle Hotels in New York. "The property was built by AT&T to be an outstanding physical facility with all the most modern amenities and state-of-the-art technology. This opportunity presents a host of compelling investment factors: an unencumbered sale of a fee simple asset, proximity to Manhattan, growing corporate and leisure demand in the market, significant value enhancement potential and in-place cash flow."
"The conference center segment has gained tremendous momentum in the past 12 months," added Amelia Lim, vice president for Jones Lang LaSalle Hotels in New York. "Renewed corporate focus on employee training and strategic planning sessions are reflected in double-digit profit growth for this specialized niche of the lodging industry. The upward trajectory of profits, combined with the North Maple Inn's prime location, make this a one-of-a-kind acquisition opportunity."
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