HWE advises on the sale of well-located 241 room hospitality asset close to Manhattan
SADDLE BROOK, N.J., May 1, 2023 /PRNewswire/ — Hodges Ward Elliott (“HWE”), the premier boutique real estate capital markets advisor, arranged the sale of the the Marriott Saddle Brook, a 241-key hospitality asset located in the township of Saddle Brook, NJ, strategically located off Interstate 80, just 20 miles from Manhattan.
An HWE team comprised of B.J. Patel, Managing Director, Jay Morrow, Managing Director, and Coby Campbell, Vice President, brokered the sale of the property on behalf of the seller.
This historic asset opened its doors in 1967 as the Marriott Motor Hotel and was the second Marriott hotel ever built. The HWE team ran a successful auction process in tandem with the Ten-X platform for this value-add investment with a premium Marriott flag, that resulted in multiple offers.
“HWE, in partnership with TenX, ran a very efficient and successful auction process despite a number of hurdles related to the macro-environment,” says Bhavesh (B.J.) Patel, Managing Director at HWE. “We will continue to represent our clients well in finding solutions across all segments in a nimble, efficient, and creative way. This is a prime example of such execution.”
The new owner plans to upgrade this well-located full service hotel which is nearby several popular New Jersey destinations including Elmwood Park, Hackensack, MetLife Stadium, Fairleigh Dickinson University and Great Falls Park, as well as its proximity to New York City. The Marriott Saddle Brook hotel also offers over 8,000 square feet of meeting space.
About Hodges Ward Elliott:
Hodges Ward Elliott (“HWE”) is the premier boutique real estate capital markets advisor, empowered to deliver exceptional results across a broad spectrum of business lines and product types. HWE’s multi-disciplined platform includes commercial, hotel, and debt capital markets teams, with offices in Atlanta, Dallas, Los Angeles, New York, Miami, Washington D.C., and London. As a privately held company, HWE is dedicated to cultivating long-term client relationships and takes pride in the reputation and track record established over its 46-year history. HWE has closed $100 billion in transactions, including $50 billion since 2015. For more information, please visit https://hodgeswardelliott.com/
SOURCE Hodges Ward Elliot