NEW YORK CITY—JLL’s Accommodations & Hospitality Group introduced the sale of the 122-room Courtyard by Marriott Wayne Fairfield. The select-service resort is positioned 20 miles from New York Metropolis.
JLL represented the vendor, RiverLink Accommodations, within the sale to associates of Harmony Hospitality. Engaged on behalf of the brand new proprietor, JLL additionally secured acquisition financing by way of M&T Financial institution.
The four-story resort 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 area. The Bistro restaurant operates each day, serving breakfast and dinner.
The resort is located adjoining to Willowbrook Mall and supplies entry to main transportation arteries, together with Route 23, Interstate 80, Interstate 287, and the Backyard State Parkway. The world is near universities and company headquarters. Leisure services, together with MetLife Stadium and American Dream Mall, are close by as nicely.
The JLL Accommodations & Hospitality staff 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 one in every of northern New Jersey’s most strategically situated markets,” stated White. “The property combines comparatively new classic building, robust in-place money flows, and vital operational upside potential in a excessive barrier-to-entry market. With its proximity to New York Metropolis, entry to main transportation networks, and site 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 lively debt markets we’re seeing at the moment, significantly for high-quality, well-sponsored property,” 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.”
