The Marriott Saddle Brook at 138 Pehle Ave. in Saddle Brook — Courtesy: Hodges Ward Elliott
By Joshua Burd
The longtime owner of a highly visible, 241-key Marriott hotel in Saddle Brook has sold the property, in a newly announced deal by Hodges Ward Elliott.
According to the capital markets advisory firm, which arranged the sale between two undisclosed parties, the new owner is slated to upgrade the Marriott Saddle Brook at 138 Pehle Ave., seeking to capitalize on its proximity to destinations such as MetLife Stadium, Fairleigh Dickinson University and Great Falls Park. Terms were not disclosed, although public records list a sale price of just under $16.8 million.
HWE Managing Director Bhavesh B.J. Patel, Managing Director Jay Morrow and Vice President Coby Campbell represented the seller using the TenX online auction platform, noting that the facility opened its doors in 1967 as the Marriott Motor Hotel and was the second Marriott hotel ever built. They added that the property, which sits just off Interstate 80, also has more than 8,000 square feet of meeting space.
“HWE, in partnership with TenX, ran a very efficient and successful auction process despite a number of hurdles related to the macro-environment,” Patel said. “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.”