The Holiday Inn Hasbrouck Heights Meadowlands at 283 Route 17 in Hasbrouck Heights — Courtesy: Holiday Inn
By Joshua Burd
An institutional investor has acquired a 244-room hotel in Hasbrouck Heights, in a nearly $19 million sale arranged by Marcus & Millichap.
Brokers with the firm represented both parties in the transaction at 283 Route 17, the site of the Holiday Inn Hasbrouck Heights Meadowlands. A private ownership group sold the property, which is 12 miles from Manhattan, after having owned it since it was built decades ago.
Jerry Swon and Daniel Zagoria of Marcus & Millichap Manhattan’s office brokered the $18.8 million transaction.
“The hotel had the same ownership since its construction in the 1960s, making this the first time it was brought to market,” Swan said. “This fact, coupled with the location and opportunity to improve efficiencies, garnered significant interest in the asset from investors across the country.
“It was a pleasure working with the sellers and we truly appreciate their confidence in us to bring forth this transaction.”
In a news release, the brokerage team touted the hotel’s location near the Meadowlands Sports Complex and the new American Dream property.
“The property presents a unique opportunity to create value for the buyer through a significant planned Property Improvement Plan renovation, repositioning of public space use and restaurant as well as maximizing operational efficiencies,” Swon said.