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Approved Dual Brand Hotel Development Site 2348 Route 70 W 120 Room Hotel Cherry Hill, NJ 08002 $5,750,000 ($47,917/Room)
INVESTMENT HIGHLIGHTS
- Situated within a mile of big box and lifestyle shopping centers.
- 10 miles from Philadelphia International Airport.
- Close Proximity to Philadelphia, NJ Turnpike, I-295, and Route 38.
EXECUTIVE SUMMARY
• This is a land sale for development of two hotels and restaurant pad
6.73 acres with 5.75 acres usable
• The hotels are not yet built; however, all necessary approvals from both the Township and the State have already been obtained for the construction of a
Hampton Inn by Hilton (120 rooms) and a Residence Inn by Marriott (131 rooms), plus a 4,250 sq. ft. restaurant pad
• Zoning approvals are secured (C-2 zoning – allows hotel, restaurant, and other commercial uses)
• 5-year property tax abatement is approved; the restaurant pad is eligible for a liquor license
• Convenient location near major shopping centers, Philadelphia International Airport, and major highways
The Hampton Inn by Hilton plan contains 120 rooms. The Residence Inn by Marriott shows 131 rooms on the plan. The restaurant building on the plan is 4,250 square feet. The approvals include a 5 year tax abatement. The restaurant would obtain the liquor license as part of the hotel project.
6.73 acres with 5.75 acres usable
• The hotels are not yet built; however, all necessary approvals from both the Township and the State have already been obtained for the construction of a
Hampton Inn by Hilton (120 rooms) and a Residence Inn by Marriott (131 rooms), plus a 4,250 sq. ft. restaurant pad
• Zoning approvals are secured (C-2 zoning – allows hotel, restaurant, and other commercial uses)
• 5-year property tax abatement is approved; the restaurant pad is eligible for a liquor license
• Convenient location near major shopping centers, Philadelphia International Airport, and major highways
The Hampton Inn by Hilton plan contains 120 rooms. The Residence Inn by Marriott shows 131 rooms on the plan. The restaurant building on the plan is 4,250 square feet. The approvals include a 5 year tax abatement. The restaurant would obtain the liquor license as part of the hotel project.
PROPERTY FACTS
| Price | $5,750,000 | Lot Size | 6.73 AC |
| Price Per Room | $47,917 | Construction Status | Proposed |
| Sale Type | Investment | Building Size | 60,000 SF |
| Sale Condition | Redevelopment Project | No. Rooms | 120 |
| Property Type | Hospitality | No. Stories | 5 |
| Property Subtype | Hotel | Year Built | 2030 |
| Building Class | B | Corridor | Interior |
| Zoning | B-4 - zoning allows for a variety of commercial uses like retail stores, restaurants, offices, and hotels. | ||
| Price | $5,750,000 |
| Price Per Room | $47,917 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 6.73 AC |
| Construction Status | Proposed |
| Building Size | 60,000 SF |
| No. Rooms | 120 |
| No. Stories | 5 |
| Year Built | 2030 |
| Corridor | Interior |
| Zoning | B-4 - zoning allows for a variety of commercial uses like retail stores, restaurants, offices, and hotels. |
AMENITIES
- Fitness Center
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
- Digital key
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 2 | $178.00 | - |
| Guest Room | 118 | $142.00 | - |
1 1
PROPERTY TAXES
| Parcel Number | 09-00071-01-00002 | Improvements Assessment | $485,000 |
| Land Assessment | $1,223,000 | Total Assessment | $1,708,000 |
PROPERTY TAXES
Parcel Number
09-00071-01-00002
Land Assessment
$1,223,000
Improvements Assessment
$485,000
Total Assessment
$1,708,000
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Approved Dual Brand Hotel Development Site | 2348 Route 70 W
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