• November 1, 2010

    Hill Wallack LLP Represents The Richard Stockton College of New Jersey In Seaview Resort Purchase

    Princeton, NJ – Hill Wallack LLP’s real estate team represented The Richard Stockton College of New Jersey in the $20 million acquisition of the historic Seaview Resort from LaSalle Hotels, LLC. The purchase and sale agreement was signed in August, and the deal was finalized in September following a period of due diligence. Hill Wallack LLP Partner Joseph A. Vales led the team representing the College. Mr. Vales is partner-in-charge of the firm’s Real Estate and Banking & Financial Services practice groups.

    The acquisition of the Seaview Resort is part of the College’s strategic plan to expand its Hospitality and Tourism Management Studies (HTMS) degree program. The resort will serve as a “living learning lab” of hotel, conference center and resort management where students will have the opportunity to work under top professionals in the field, College officials said. The College plans to continue to operate both the hotel and its two world-class golf courses through professional management companies.

    In addition to providing facilities for the HTMS program, the acquisition allows the College to alleviate space concerns. The College plans to convert guest rooms to student housing that will be operated separately from the hotel and resort. Further, the resort will provide accommodations for parents and campus visitors.

    The purchase of the Seaview Resort and plan for its continued operation is consistent with the State of New Jersey’s stated intentions to continue to support gaming and tourism in Atlantic City.

    To view the official news release announcing the transaction, issued by the The Richard Stockton College of New Jersey, click here .

    About Hill Wallack LLP

    Hill Wallack LLP has deep ties to the Atlantic City area, with an office in Atlantic City, in addition to its offices in Princeton and Yardley, Pa. The firm is widely recognized as a leader in commercial real estate transactions, with more than 30 years of experience in this area. Firm attorneys have helped consummate some of the largest and most prominent real estate transactions in the state, and our clients include a diverse range of real estate developers, landowners, builders, investors, tenants and financial institutions. In 2002, Hill Wallack LLP was designated as General Counsel to the Casino Reinvestment Development Authority ("CRDA"), and in that capacity assisted with numerous high-profile projects, including “The Walk” shopping district that stretches from the Atlantic City Convention Center to the Caesar's Casino.

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