Wellesley Inn Suffern Sells for $7M

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SUFFERN, NY-Ratan Hospitality Group LLC of Clifton, NJ has acquired the Wellesley Inn Suffern for $7.3 million. The firm, a subsidiary of Ratan Hotels Group of North Bergen, NJ, acquired the 95-room hotel from the New York City-based BRE/Prime Holdings LLC, a subsidiary of Prime Hospitality. Prime is controlled by the Blackstone Group.

The Wellesley Inn Stamford was built in 1987 and is located off exit 14B of the New York State Thruway at 17 North Airmont Rd. The sale also includes a net-leased Friendly’s restaurant that is attached to the property via an enclosed walkway.

Thomas M. Hamm of Sperry Van Ness in Stamford, CT represented the buyer and the seller. He says that Ratan Hospitality plans to renovate the property and reposition the hotel under a new national flag.

Mahesh Ratanji, CEO of Ratan Hotels Group, says the hotel for the time being will continue to operate as a Wellesley Inn. However, he expects that within the next three to six months, the hotel will operate under a hotel flag of either Choice Hotels International or Cendant Corp. Ratan is also planning an upgrade of the property that will cost between $500,000 to $1 million.

Ratan Hotels Group operates approximately 20 limited service hotels in the Greater New York area. The company, which owns some properties in New York City, has most of its holdings in New Jersey. This acquisition is its first deal for the company in the northern suburbs of New York City.