According to the college president:
This is an historic day for Stockton and all of southern New Jersey. Stockton has partnered with Seaview in a variety of ways for nearly 40 years. We are now looking forward to having this magnificent facility as part of the Stockton family and operating at the same level people have come to expect of Seaview. The acquisition allows us to advance the educational mission, enhance the College experience for our students and preserve an iconic landmark of the region.
Buying the nearby resort will enable the college to house all students on campus. According to an article by Kelly Heyboer in the Star-Ledger:
The deal comes as all of New Jersey’s public colleges are dealing with steep cuts in state higher education funding. Stockton officials defended the hotel purchase with financial projections that show the cost of buying the resort five miles from campus was less costly than building new dorms. Stockton, located in the Pomona section of Galloway Township, has an enrollment of about 7,600.
The college also plans to continue operating the resort, which features an 18-hole golf course, tennis courts, swimming pools, jogging trails, a fitness center, a spa, and 300-room hotel, an agreement that it hopes will bring in revenue for the school.
According to the article “only honor students, graduate students and hospitality majors will be permitted to room at the hotel.” Lucky kids. [Image via]