HREC Investment Advisors, in conjunction with Ten-X, is pleased to announce it has arranged the sale of the 279-room Hotel ML and CoCo Key Water Resort located in Mount Laurel Township, New Jersey.
HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led by Ketan Patel, Managing Director in the HREC Investment Advisors Washington D.C. office, Phil White, Vice President in HREC Investment Advisors’ Jersey City office and Constance Mong, broker on record for New Jersey.
“The auction of the Hotel ML and Waterpark was a highly competitive process with numerous bidders. The buyer acquired the property for well below replacement cost and has extensive plans to renovate and reopen the asset in the future,” stated White.
The Hotel and Park are located in Mount Laurel Township, an eastern suburb of Philadelphia in southern New Jersey. The Property is located adjacent to Interstate 295 (Exit 36A) and an entrance of the New Jersey Turnpike. The New Jersey Turnpike and I-295, serve as regional North/South corridors, providing access to Philadelphia, New York/Northern New Jersey, Washington D.C., and the Jersey Shore. Because Mount Laurel is located approximately thirteen miles from Downtown Philadelphia, the Hotel is also an attractive, lower cost alternative to business travelers and tourists visiting the city. The Property receives ample demand from the diverse range of industries located in and around the Mount Laurel area including a mix of nationally known corporations such as Lockheed Martin, TD Bank, PHH Mortgage, Comcast, and NFL Films. The Property and Water Resort work together as demand generators; the Water Resort provides family demand to the Hotel, and the Hotel provides SMERF group/conference business to the Water Resort with its ±14,000 SF of meeting space.
The Coco Key Water Park, adjacent to the Hotel ML, is a state-of-the-art indoor water park featuring over 55,000 Sq Ft of space, 150,000 gallons of water, an arcade, and multiple dining options. The Water Resort is the biggest in the Philadelphia MSA and works in tandem with the Hotel as a destination for families and groups alike. The Water Resort is one of the Hotel’s largest demand generators, and the Hotel provides a full-service lodging experience to park guests.
About HREC®: HREC® is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting including market studies, and litigation support. With offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital, and hotel/casino specialization.
