Home2 Suites by Hilton at 350 Route 46 in Wayne — Courtesy: Cronheim Hotel Capital
By Joshua Burd
An investor has landed a $19.5 million acquisition loan in connection with a five-year-old hotel property in Wayne, according to brokers with Cronheim Hotel Capital.
The debt placement team represented the buyer, Spark GHC, noting that the Home2 Suites by Hilton at 350 Route 46 is one of the top performing locations in the market. That’s due in part to its proximity to drivers such as the Willowbrook Mall, MetLife Stadium and major corporate locations, while it’s less than 20 miles to Manhattan.
An undisclosed lender provided the five-year loan, offering what Cronheim described as attractive leverage, a floating rate that will decline with any future rate cuts, open prepayment and the ability to earn out additional funds with improved performance.
“The Home2 Suites by Hilton Wayne represents exactly the kind of high-quality, strategically located asset we target,” said Amit Patel, cofounder and CEO of Spark GHC. “Its proximity to major corporate demand generators, higher learning institutions and top retail and entertainment venues positions it for strong, resilient performance. We’re pleased to have worked with CHC to secure attractive financing for this investment.”
David Turley, president of Cronheim Hotel Capital, added: “Spark GHC’s growth and success has not gone unnoticed and we can see why after getting to know them better on this transaction. This is a great asset in a very strong market and the debt terms we were able to secure only serve to enhance the appeal of this acquisition for them and their investors.”
