GALLOWAY TOWNSHIP — Stockton University trustees approved the sale of the century-old Stockton Seaview Hotel and Golf Club during a special meeting Monday as it plans to transfer its hospitality program to Atlantic City.
“Between what we’re going to enhance both in Galloway as well as in Atlantic City, the time is most appropriate to downsize our portfolio of housing and simultaneously ensure the success of this particular resort,” Stockton President Harvey Kesselman said.
The sale price and the buyer of the property were not disclosed, but Kesselman said more information will be released after closing. He said the sale first must be reviewed by the state comptroller, followed by a 45-day period of review by the buyer.
This year’s ShopRite LPGA Classic golf tournament at Seaview, scheduled for June 4-10, will not be affected by the sale, Kesselman said. According to the university, the agreement, which extends to 2023, will be assigned to the buyer of the property.
People are also reading…
Stockton purchased the Seaview hotel and Bay Course in 2010 for $20 million as additional housing and academic space, and also leased out commercial operations on the property.
“During difficult times, it provided much needed housing opportunities for our students when it was too cost-prohibitive for us to build,” Kesselman said.
Stockton spokeswoman Diane D’Amico said that in 2010, it would have cost Stockton $37 million to build a 300-bed dormitory.
In the board’s resolution approving the sale, the college acknowledged the costly upkeep of the hotel.
Since Stockton purchased the hotel, the university has invested $22.2 million in capital projects at Seaview. Annually, Stockton sees net revenue of about $1 million from its Seaview operations, but much of that and more is invested back into the property. Last year, Stockton spent $3 million for a project to replace 1,000 windows and refinish the exterior walls of the hotel.
Kesselman said there was interest in the property at a time when it was beneficial to the college to sell it.
“The timing was actually perfect,” Kesselman said of the sale. “These things sometimes work out.”
Stockton will have space at its Atlantic City campus, expected to open in the fall, to accommodate the 270 students currently living at Seaview. The Gateway campus will have 533 beds inside the 200,000-square-foot beachfront residential building.
As enrollment continues to increase each year, D’Amico said there are options in the works for more housing, but she could not provide specifics.
Kesselman said the college plans to continue a relationship with Seaview. He said the students who now benefit from the in-house experience at Seaview will have similar opportunities in Atlantic City. He said many hospitality students are pursuing internships in Atlantic City, as well as at venues such as the Carriage House and the Smithville Inn in Galloway.
Galloway Mayor Anthony J. Coppola Jr., who attended the meeting with Township Manager Chris Johansen, congratulated Stockton on its sale.
“I know the township appreciates the investments Stockton made into that property,” Coppola said. “We’re looking forward to working with the new owners in any way we can to assist them.”
In addition to the sale of Seaview, the college is in the midst of selling the former presidents’ home in Linwood, university officials confirmed. Previous college presidents lived in the home up until Kesselman’s predecessor, Herman J. Saatkamp, who resided elsewhere.
D’Amico said there is a buyer for the three-bedroom residential property that sits on nearly 2 acres along Shore Road in Linwood but that the sale is not finalized.
The university had maintained the home for 50 years before purchasing it for $150,000 in the fall. The sale was approved by the board of trustees in February.
