ASAP International Holdings (OTCQB: ASAE) announced today that it has successfully acquired The Renaissance Woodbridge Hotel located in 515 US-1, Iselin, NJ 08830 which closed on November 15, 2016.
Situated between Edison and Woodbridge Township, the Iselin, New Jersey hotel is surrounded by popular attractions including Menlo Park Museum, Rutgers University and Newark International Airport only 15 minutes away. The dynamic sights and sounds of New York City are just a short train ride away.
"We are excited to transform the hotel into a world-class destination. The Renaissance Woodbridge Hotel is strategically located for convenience to both leisure and corporate guests," said Frank Yuan, CEO of ASAP. "We believe spending some money for a renovation will truly benefit the asset and surrounding businesses." Added by Yuan, "ASAP was excited to work with the team at RealCrowd to bring efficiency to our capital raising process. In addition to raising capital from our existing stable of investors, we were able to raise additional equity from new investors through RealCrowd."
It was a pleasure to work with Frank, Jerome and their staff at ASAP on the Renaissance Woodbridge opportunity, and our investor base proved to agree. ASAP was able to raise a substantial amount of equity utilizing our technology, one of the largest raises ever for a hospitality project in the US through an online platform. We look forward to working with them on many more deals in the future.
CEO Frank Yuan and CIO Jerome Yuan led the ASAP team on transactions. ASAP is one of the most active hotel buyers in the U.S. For the past five years, the company has constantly identified hotels and will remain active on the hospitality buy side for the foreseeable future.
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