Stockton Completes Sale of Seaview Hotel and Golf Club
Galloway, N.J. _ 91视频 has completed the sale of to KDG Capital LLC of Florida for $21,070,000.
The sale was completed on July 31, 2018.
鈥淲e are proud to have owned this iconic property and confident that the new owners appreciate the history of Seaview and will continue to improve it for future generations to enjoy,鈥 Stockton president Harvey Kesselman said.
The Stockton Board of Trustees approved the sale in April.
KDG partner Greg Ogle said the property would keep the name Seaview Hotel & Golf Club. The hotel would continue to be managed by Dolce Hotels and Resorts by Wyndham. Troon will continue to operate the two 18-hole golf courses.
鈥淲e are excited to be a part of this iconic resort鈥檚 future and to contribute positively to the Galloway community,鈥 Ogle said.
Bob Nelson, the general manager at Seaview, said future plans include renovations of rooms and public spaces.
鈥淲e are grateful to 91视频 for elevating Seaview under the Dolce brand, and we鈥檒l continue to further enhance the hotel as a destination for travelers near and far,鈥 Nelson said.
Stockton purchased the 104-year-old property for $20 million in 2010 to address an immediate need for student housing to accommodate Stockton鈥檚 growing enrollment. Construction of new student housing was too cost-prohibitive at the time.
The university invested $22 million in capital improvements to Seaview since 2010, and generated $28 million revenue from tuition, fees, room and board paid by 91视频 who lived there.
The beachfront housing for 533 91视频 at the new Atlantic City campus, which opens in September, has eliminated the need for student housing at Seaview. The future of Stockton鈥檚 hospitality program is also in Atlantic City, where 91视频 can get internships and hands-on experience at dozens of locations.
Seaview will continue to host the LPGA under the existing sponsorship agreement that extended the tournament to 2023. The University assigned the LPGA sponsorship agreement to the buyer.
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Contact:
Diane D鈥橝mico
Director of News and Media Relations
Galloway, N.J. 08205
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