RobertDouglas has advised Lixi Group on the sale of the 99-key Staybridge Suites Philadelphia/Mt. Laurel to Delco Development for $13.2 million.
Located across more than four acres in Mount Laurel, NJ, the 99-room located on the southeast quadrant of the intersection of the New Jersey Turnpike and SR-73. A suburb of Philadelphia and part of the South Jersey region, the Mt. Laurel township is accessible to both the city of Philadelphia and the Jersey Shore off the New Jersey Turnpike.
The pet-friendly property includes an on-site business center, a 24-hour marketplace, a fitness center, an indoor swimming pool, an outdoor multi-purpose sports court and complimentary guest laundry machines. The hotel offers free appetizers and drinks during “social hour” between 5:30 p.m. and 7:00 p.m. Monday through Wednesday and daily complimentary breakfast.
Andrew Broad, RobertDouglas managing director, said, “The property’s excellent investment appeal includes its significant and growing cash flow and competitive position within its market. The hotel is also being delivered unencumbered of brand and management so that its value can be optimized through a repositioning and renovation.”
Andrew Heilmann, RobertDouglas SVP, added, “This property continues to outperform its competitive set, within the booming South Jersey upscale and upper-midscale submarket, which made it attractive to the buyer.”