The Hanover Hotel at 1255 Route 10 in Whippany — Courtesy: Newmark Associates
By Joshua Burd
A motel and restaurant property in Hanover has changed hands for just over $4 million, under a newly announced transaction by Newmark Associates.
Nicholas Maria, a sales associate with the firm, represented both parties in the $4.05 million trade of the Hanover Hotel in the town’s Whippany section. Located at 1255 Route 10, the property was originally built in the 1960s as a Howard Johnson location and has operated under different flags in recent years.
Newmark added that the motel at one time also operated a full-service restaurant.
“The hotel, as it currently exists, has been a long-time annoyance for the city of Whippany, Hanover Township,” Maria said. “The new owners intend to change this circumstance.”
He touted the hotel’s location at the busy intersection of Route 10 East and Interstate 287. Nearby is a large employment pool of corporate offices and national and international businesses.
The new owners intend to capitalize on the demographics by redeveloping the underutilized motel structure into a full-service hotel property and re-establishing a full-service restaurant.
