New Jersey Marriott waterpark hotel sells, to be operated as independent

MOUNT LAUREL, NEW JERSEY The 280-key Marriott Mt. Laurel and CoCo Key Water Resort has been sold, with the property to be operated as an independent resort going forward.

Willner Realty & Development Co. of Ardmore, Pennsylvania, purchased the property for an undisclosed price from the ownership group, a venture between Hexagon Investments and Wave Development. The property, which includes the 55,000-sq.-ft. waterpark, will renamed The Hotel ML, Courier-Post reports.

The acquisition is the second CoCo Key purchased by Willner this year, joining the 369-key Holiday Inn Kansas City Southeast, Missouri. Both the Mount Laurel and Kansas City properties were put up for auction earlier this year with asking prices of US$4.9 million and US$1.9 million, respectively. The company is retaining Sage Hospitality Resources as the properties’ management company.

Willner also owns a third hotel, the 300-key Jerusalem Gate in Israel.