The Courtyard by Marriott Wayne Fairfield, a 122-room, select-service hotel, recently changed hands. JLL handled the sale on behalf of the seller, RiverLink Hotels. They also arranged financing for the buyer, affiliates of Concord Hospitality. The price was not disclosed.
Director Phil White led the JLL Hotels & Hospitality Group sales effort for the Wayne hotel, while Managing Director Jillian Mariutti oversaw securing acquisition financing for the new owner 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,” noted JLL’s White. “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.”
The four-story hotel was built in 2018 and is located at 283 US-46 Wayne, adjacent to the Willowbrook Mall. The Courtyard Wayne Fairfield offers travelers 73 standard king rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites. Guests enjoy an array of amenities including a fitness center, indoor pool, meeting spaces and a 120-seat banquet room. On-site restaurant, the Bistro, dishes up casual American cuisine for lunch and dinner as well as evening bar service.
“This transaction is reflective of the active debt markets we’re seeing today, particularly for high-quality, well-sponsored assets,” added JLL’s Mariutti. “It was a highly competitive process, underscoring both the strength of the sponsorship and lender confidence in the hospitality sector’s continued performance.”
The hotel provides easy access to US-46, NJ-23, I-80, and I-287, and the Garden State Parkway. The property’s strategic location is close to local airports, corporate headquarters, MetLife Stadium, and the American Dream Mall.
