The Stockton Board of Trustees approved the sale in April.
Stockton purchased the 104-year-old property for $20 million in 2010 to address an immediate need for student housing to accommodate growing enrollment. Construction of new student housing was too cost-prohibitive at the time, the school said.
The university invested $22 million in capital improvements to Seaview since 2010, and generated $28 million revenue from tuition, fees and room and board paid by students who lived there.
The beachfront housing for 533 students at Stockton’s new Atlantic City campus, which is scheduled to open in September, eliminated the need for student housing at Seaview. The future of Stockton’s hospitality program is also in Atlantic City, where students can get internships and hands-on experience at dozens of locations.
KDG partner Greg Ogle said the property would keep the name Seaview Hotel & Golf Club and continue to be managed by Dolce Hotels and Resorts by Wyndham.