The Blackstone Group has sold the 439-room Somerset Plaza Hotel to Somerset Plaza Hotel Partners LLC for $22 million, or about $50,000 per room.
The hotel is at the northeast corner of US 287 and Davidson Ave. in Somerset, NJ, near downtown New Brunswick's Theater and Restaurant District and Rutgers University. It was constructed in 1999 and features 14,000 square feet of meeting space.
Ali Baheri of Molinaro Koger represented both parties in the transaction.
Please refer to CoStar COMPS #1396187 for more information on this transaction.