NEW YORK CITY—JLL’s Motels & Hospitality Group introduced the sale of the 122-room Courtyard by Marriott Wayne Fairfield. The select-service lodge is positioned 20 miles from New York Metropolis.
JLL represented the vendor, RiverLink Motels, within the sale to associates of Concord Hospitality. Engaged on behalf of the brand new proprietor, JLL additionally secured acquisition financing by means of M&T Financial institution.
The four-story lodge contains 73 customary king rooms, 36 customary two-queen rooms, seven prolonged two-queen rooms, 4 king suites, and two queen suites. Facilities embrace an indoor pool, health middle, and 1,587 sq. toes of assembly house. The Bistro restaurant operates each day, serving breakfast and dinner.
The lodge is located adjoining to Willowbrook Mall and offers entry to main transportation arteries, together with Route 23, Interstate 80, Interstate 287, and the Backyard State Parkway. The realm is near universities and company headquarters. Leisure services, together with MetLife Stadium and American Dream Mall, are close by as nicely.
The JLL Motels & Hospitality group representing the vendor was led by Director Phil White. The financing efforts have been spearheaded by Managing Director Jillian Mariutti.
“This Courtyard by Marriott represented a compelling value-add funding alternative in considered one of northern New Jersey’s most strategically situated markets,” stated White. “The property combines comparatively new classic development, robust in-place money flows, and important operational upside potential in a excessive barrier-to-entry market. With its proximity to New York Metropolis, entry to main transportation networks, and placement inside a various financial base, this asset is well-positioned to profit from continued restoration in enterprise and leisure journey demand.”
“This transaction is reflective of the energetic debt markets we’re seeing immediately, significantly for high-quality, well-sponsored belongings,” added Mariutti. “It was a extremely aggressive course of, underscoring each the energy of the sponsorship and lender confidence within the hospitality sector’s continued efficiency.”
