Vid Mitta Acquires DoubleTree Mahwah Hotel For $7.95M

The DoubleTree Mahwah Hotel located at 180 New Jersey Highway 17 in Mahwah, NJ has been sold in a transaction. The hotel, with a total area of 88,890 square feet, was purchased by Vid Mitta for a price of $7,950,000. The sale price translates to a price per square foot of $89, making it an affordable investment in the hospitality sector. The hotel offers 139 keys, resulting in a price per key of $57,194, providing a lucrative opportunity for the new owner.

Summary of Transaction Details:

• Property Type: Hotel
• Transaction Amount: $7,950,000
• Square Footage: 88,890
• Address: 180 New Jersey Highway 17, Mahwah, NJ
• Market: Mahwah, NJ

The deal involved several key individuals and companies. Vid Mitta acted as the buyer, acquiring the hotel from Robert Cole. The transaction was facilitated by the brokers Brent Clemens, Bennett Webster, Adam Montufar, and Sean Banilivy from Paramount Lodging Advisors, who represented both the buyer and seller in the deal. This team of experienced brokers played an instrumental role in ensuring a successful transaction, leveraging their expertise in the hospitality industry to negotiate a favorable deal for all parties involved.