Courtyard by Marriott Wayne Fairfield at 263 Route 46 in Wayne — Courtesy: JLL
By Joshua Burd
A hotel developer has sold a 122-room Courtyard by Marriott property at the nexus of three major highways in Wayne, in a newly announced deal by JLL.
According to the brokerage team, which represented RiverLink Hotels in the sale, affiliates of Concord Hospitality paid an undisclosed price for the asset at 263 Route 46. That follows an offering that drew strong interest thanks to the site’s access to New York City, Newark Liberty International Airport and other key destinations in and around northern New Jersey.
JLL Director Phil White led the team representing the seller, while Managing Director Jillian Mariutti spearheaded efforts to arrange acquisition financing through M&T Bank.
“This Courtyard by Marriott represented a compelling value-add investment opportunity in one of northern New Jersey’s most strategically located markets,” White said. “The property combines relatively new vintage construction, strong in-place cash flows and significant operational upside potential in a high-barrier-to-entry market. 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.”
Completed in 2018, the four-story Courtyard by Marriott Wayne Fairfield includes 73 standard king rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites, according to a news release. Guests have access to amenities such as an indoor pool, a fitness center and 1,587 square feet of meeting space with capacity for up to 120 banquet guests, while The Bistro restaurant operates daily, serving breakfast and dinner with an upscale casual American cuisine menu and a full evening bar.
The property is also adjacent to Willowbrook Mall and sits at the junction of Interstate 80, Route 46 and Route 23, providing easy access to other major highways, universities, corporate headquarters and recreational facilities. New York City is 20 miles away, JLL added, while Teterboro Airport and Newark Liberty International Airport are 14 and 24 miles away, respectively.
“This transaction is reflective of the active debt markets we’re seeing today, particularly for high-quality, well-sponsored assets,” Mariutti said. “It was a highly competitive process, underscoring both the strength of the sponsorship and lender confidence in the hospitality sector’s continued performance.”
