Planet Princeton

Kushner buys Princeton Marriott for $38 million

The entrance to the Princeton Marriott.

Kushner Companies has bought the Princeton Marriott at Forrestal Village from Lone Star Funds for $37.6 million. The deal was financed through a 10-year fixed-rate commercial mortgage-backed securities loan for $24 million from UBS.

The Princeton Marriott, formerly the Scanticon, is located at 100 College Road in Plainsboro, just across Route 1 from Forrestal Village. The property includes 38,000 square feet of meeting space, indoor tennis courts, a swimming pool, a spa and a restaurant.

According to the Commercial Observer, which broke the story about the sale, Kushner recently launched a hospitality platform and is planning to invest $2 billion, with a primary focus on the acquisition of hotels with large conference facilities.

Kushner Companies, once a major landlord in New Jersey’s rental market, has also been buying rental properties in the state again after shifting its focus to New York a decade ago. One of Kushner Companies’ most recent New Jersey rental property acquisitions, Quail Ridge, is a 1,032-unit complex in Plainsboro that was purchased for $190 million in 2017. The 52-acre property had been previously owned by Kushner. It was  among the buildings Kushner sold in 2007 to help pay for its $1.8 billion purchase of 666 Fifth Avenue, where the company is now headquartered. Jared Kushner is the former chief executive officer of the company. He left the post to become a senior advisor to his father-in-law, U.S. President Donald Trump,

Krystal Knapp

Krystal Knapp is the founding editor of Planet Princeton. She can be reached via email at editor AT planetprinceton.com. Send all letters to the editor and press releases to that email address.

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