A North Carolina hospitality management company has acquired a 122-room hotel in North Jersey that's located just 20 miles from New York.
Raleigh-based Concord Hospitality purchased the Courtyard by Marriott Wayne Fairfield located at 263 Highway 46 in Wayne, New Jersey, from River Link Hotels, which is headquartered in Danbury, Connecticut. Terms of the deal weren't disclosed.
JLL represented the seller River Link in the transaction and worked on behalf of the new owner to secure acquisition financing through M&T Bank.
The hotel, bult in 2018, is adjacent to Willowbrook mall and provides quick access to major transportation arteries including Route 23, Interstates 80 and 287, and the Garden State Parkway. The area is close to universities, corporate headquarters and recreational facilities, including MetLife Stadium and American Dream Mall, both in East Rutherford, attracting diverse travelers for business and leisure, according to JLL.
The four-story hotel features 73 standard king-bed rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites.
The property "represented a compelling value-add investment opportunity in one of northern New Jersey's most strategically located markets," according to JLL director Phil White.
The hotel "combines relatively new vintage construction, strong in-place cash flows and significant operational upside potential in a high barrier-to-entry market," he said in a statement.
"With its proximity to New York City, access to major transportation networks and location within a diverse economic base, this asset is well-positioned to benefit from continued recovery in business and leisure travel demand," White said.
The sale process was "highly competitive," and underscored "lender confidence in the hospitality sector’s continued performance,” according to Jillian Mariutti, a JLL managing director.
For the record
The JLL Hotels & Hospitality team representing the seller was led by director Phil White, while the financing efforts were spearheaded by managing director Jillian Mariutti.