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NJ college finalizes purchase of nearby resort

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September 1, 2010 02:54 PM EST | AP


GALLOWAY TOWNSHIP, N.J. — Richard Stockton College of New Jersey has finalized its purchase of the nearby Seaview Resort for $20 million.

The purchase from Bethesda, Md.-based LaSalle Hotels LLC was approved by the college's board of trustees last month.

Stockton President Herman Saatkamp Jr. said Wednesday that private management companies will continue to operate the Seaview's hotel and its two golf courses.

The college plans to make improvements to the property and will use it for additional student housing and to expand its hospitality and tourism management program.

Officials say funding for the purchase came from the college's capital investment fund and will not affect tuition rates.

The resort is five miles from the campus and about eight miles from Atlantic City. Its Bay Course is the site of the ShopRite LPGA Classic golf tournament.