Optimum Hotel Brokerage announced today that the firm has closed on the sale of the Holiday Inn Carteret, a 118-unit full service hotel in Carteret, New Jersey. Joe McCann, Optimum’s president, was the exclusive hotel broker and Licensed New Jersey Real Estate Broker representing the seller, Carteret Motel Associates.
“The Holiday Inn Carteret might be the best located midscale hotel in the Northeast”, explained McCann. “Located only 5 miles from Manhattan, directly at the Exit 12 tollbooths of New Jersey Turnpike (220,000 average daily traffic count) , the hotel has run steady high occupancies at this valued location for more than 40 years.” The investment included the net lease of the hotel and lodging operations and the fee simple sale of the adjoining 2.5-acre parcel, which included a 135-foot pole sign overlooking the New Jersey Turnpike. In addition to the hotel’s 118 guest rooms, the property features more than 3,500 square feet of ballroom facilities and a full service restaurant and lounge. The buyer is a New Jersey-based hotel investment partnership.
The sale was the final lodging asset disposition of the late Julian Savage, the legendary Holiday Inn developer and operator, who developed more than 40 Holiday Inn hotels in the Northeast over forty years. Mr. Savage passed away in 2012 at the age of 92.
Optimum Hotel Brokerage is also a member and Joe McCann is president of Hotel Brokers International, the world’s largest and oldest hospitality real estate organization, which has a rich heritage of experience and expertise in hotel real estate valuation, transactions and other essential services. Comprised of some 50 hotel real estate broker specialist s, HBI provides the hospitality industry with its most powerful hotel real estate marketing force, creating greater visibility through a unified and inclusive advertising and marketing approach. Mr. McCann has earned the designation of Certified Hotel Broker, with distinction, from the organization, and was recognized as HBI’s Broker of the Year for the Northeast Region for many years. HBI has also awarded McCann with the Portfolio Sale of the Year, and Unique Deal of the Year. Optimum Hotel Brokerage and Joe McCann was awarded HBI’s prestigious Broker of the Year Award in 2006. Optimum Hotel Brokerage is also a provider of expert witness testimony in hotel bankruptcy, distressed hotel litigation, franchising, and hotel operations.
Mr. McCann is Chairman of the Penn State Hotel and Restaurant Society, representing the more than 5,000 alumni of Penn State's renowned School of Hospitality Management. Optimum Hotel Brokerage has sponsored scholarships providing assistance to students demonstrating financial need at the school.
For complete exclusive listings of hotels for sale, please go to www.optimumbrokerage.com. For a complimentary valuation of your hotel, call 215-572-7711.