Princeton Marriott at Forrestal

Colliers has been exclusively retained to solicit offers to acquire the fee simple interest in Princeton Marriott at Forrestal, located at 100 College Road East in Princeton, New Jersey (the "Marriott", "Hotel" or "Property"). The 302-room, three-story hotel is situated on an expansive and heavily wooded park-like 25 acres, and is considered one of the preeminent conference and training centers located between New York City and Philadelphia in a university market with nearly 38,000 square feet of dedicated meeting space. Following a $4.2 million guestroom renovation in 2014, prior ownership invested an additional $10.0 million to upgrade the meeting space, public space, building systems, and guest bathrooms bringing the total capital spend to $47,000 per key by 2018. Affiliated with the flagship Marriott brand and currently managed by Marriott, the Hotel is being offered with the opportunity for a new owner to convert it to a Marriott-franchised Property with third party management. Given its strong historical performance and clear potential for growth within the competitive set, it is expected that the Marriott will far exceed its prior penetration index following the completion of a change of ownership PIP. Colliers expects the Hotel to stabilize at an NOI level of $4.1 million by 2029.

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