The 122-room Courtyard by Marriott Wayne Fairfield has been sold to affiliates of Concord Hospitality in a deal facilitated by JLL Hotels & Hospitality Group.
JLL represented the seller, RiverLink Hotels, in the sale of the New Jersey select-service hotel located 20 miles from New York City. The JLL team—which also arranged acquisition financing for Concord through M&T Bank—was led by director Phil White, while managing director Jillian Mariutti oversaw the financing.
“This Courtyard by Marriott represented a compelling value-add investment opportunity in one of northern New Jersey’s most strategically located markets,” White said in a statement. “The property combines relatively new vintage construction, strong in-place cash flows and meaningful upside potential in a high barrier-to-entry market.”
The four-story hotel has 73 standard king rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites. Amenities include an indoor pool, fitness center and 1,587 square feet of meeting space accommodating up to 120 guests. The Bistro, the hotel’s signature restaurant, serves breakfast and dinner with a full-service bar.
The township of Wayne—home to roughly 55,000 residents—is some 23 miles from Port Newark-Elizabeth, one of the world’s largest container shipping hubs. The property is adjacent to Willowbrook Mall and offers access to Route 23, Interstates 80 and 287 and the Garden State Parkway. The area also provides close proximity to major corporate centers, universities, MetLife Stadium and the American Dream Mall.