JLL’s Hotels & Hospitality Group has brokered the sale of the 122-room Courtyard by Marriott Wayne Fairfield, a select-service hotel in Wayne, NJ, located 20 miles from New York City.
JLL represented the seller, RiverLink Hotels, in the sale to affiliates of Concord Hospitality. Working on behalf of the new owner, JLL also secured acquisition financing through M&T Bank.
The four-story hotel features a diverse guestroom mix, including 73 standard king rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites.
Amenities include an indoor pool, a fitness center and 1,587 sq. ft. of meeting space with capacity for up to 120 banquet guests. The Bistro restaurant operates daily, serving breakfast and dinner.
The property sits adjacent to Willowbrook Mall and provides access to major transportation arteries including Route 23, Interstate 80, Interstate 287 and the Garden State Parkway. The area is close to universities, corporate headquarters and recreational facilities, including MetLife Stadium and American Dream Mall. Wayne’s population is approximately 55,000.
The city’s location provides access to multiple airports, with Teterboro Airport 14 miles away, Newark International Airport at 24 miles and LaGuardia Airport 28 miles from the property. The township sits 23 miles from Port Newark-Elizabeth.
The JLL Hotels & Hospitality team representing the seller was led by Director Phil White, while the financing efforts were spearheaded by Managing Director Jillian Mariutti.
“This Courtyard by Marriott represented a compelling value-add investment opportunity in one of northern New Jersey’s most strategically located markets,” said 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.”
Mariutti added, “This transaction is reflective of the active debt markets we’re seeing today, particularly for high-quality, well-sponsored assets. It was a highly competitive process, underscoring both the strength of the sponsorship and lender confidence in the hospitality sector’s continued performance.”
