Hodges Ward Elliott (HWE) arranged the sale of the Marriott Saddle Brook, a 241-key hospitality asset located in the township of Saddle Brook, NJ, 20 miles from Manhattan.
An HWE team comprising B.J. Patel, managing director; Jay Morrow, managing director; and Coby Campbell, VP, brokered the sale of the property on behalf of the seller.
The hotel opened its doors in 1967 as the Marriott Motor Hotel and was the second Marriott hotel ever built. The HWE team ran a successful auction process in tandem with the Ten-X platform for this value-add investment with a premium Marriott flag, that resulted in multiple offers.
“HWE, in partnership with Ten-X, ran a very efficient and successful auction process despite a number of hurdles related to the macro-environment,” said Patel.
The new owner plans to upgrade the full-service hotel, which is near several New Jersey destinations including Elmwood Park, Hackensack, MetLife Stadium, Fairleigh Dickinson University and Great Falls Park. The hotel also offers more than 8,000 sq. ft. of meeting space.