Plans to sell the Kings Inn apparently fell through, and with it, plans to renovate the two-story motel this spring.
Barry Rosner, a Somerset-based CPA who’s listed as principal of the LLC that owns the property, declined to go into detail during a telephone interview but confirmed the planned sale did not go through. Principals of Ratan Rahway appeared before the Planning Board in December with plans to renovate the existing structure and reopen as part of the Howard Johnson’s franchise. [Planning Board minutes, .pdf]
Though he did not offer a timeline, Rosner insisted there is a “long-term commitment” from a new entity renting the property, which is adjacent to the Riverwalk townhomes, with plans to renovate.
The Rahway Tower, LLC purchased the 1.5-acre property at 1360 Route 1 (Block 304, Lots 5-6) in 2004 for about $1.1 million from LTL Hotel Corp, according to PropertyShark.com. Assessed at almost $750,000, the property paid more than $35,000 in property taxes in 2008.