Auerbach Funds has successfully sold the Hyatt Place hotel in Princeton, New Jersey for $15.85 million. This transaction marks the fifth fully realized deal in the Auerbach Opportunity Fund III portfolio. Initially acquired by Auerbach Funds in late 2021 for $11.75 million due to nonperformance under the note, the asset was managed directly by Auerbach after securing fee simple ownership through a deed-in-lieu conversion in 2023. The property, located near Princeton University, saw a marked increase in business by targeting university guests and business travelers, achieving a 20% rise in EBITDA between 2022 and 2023. Auerbach Funds, founded in 2016 and based in Charlotte, North Carolina, is currently raising capital for its fourth fund, Auerbach Opportunity Fund IV, which had its first close in January 2024.
Real Estate, Private Equity,United States
https://www.einpresswire.com/article/739350392/auerbach-funds-sells-hyatt-place-in-princeton-nj-at-15-85-million-valuation?ref=rss&code=TBZPx1kIfwj9TStk