ASAP Acquires Renaissance Woodbridge Hotel
ASAP International Holdings this week announced it acquired the 311-key Renaissance Woodbridge Hotel on Route 1 in Iselin for an undisclosed sum. It plans to renovate the hotel into a high-class destination for leisure and business travelers.
The acquisition capital, which was raised from ASAP's existing stable of investors, was supplemented with crowdfunded equity from RealCrowd. The transaction is one of the platform's largest raises ever; while the total raise was not disclosed, RealCrowd's average individual deal is just under $30M.
The Renaissance marks the 28th hotel in ASAP's portfolio, which includes the Renaissance Denver Stapleton Hotel in Colorado.