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652 Us Highway 1 And 9 South Newark, NJ 07114

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Lender-owned SpringHill Suites near Newark Airport, value-add opportunity.

Source: Bennett Webster Agent Bennett Webster

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

200-Room SpringHill Suites Near Airport

This is a fee simple interest in the lender-owned 200-room SpringHill Suites Newark Liberty International Airport in Newark, New Jersey. The property is offered unencumbered by debt and management, at a substantial discount to replacement cost. It is available for relicensing under the existing SpringHill Suites by Marriott flag via a new long-term franchise agreement. The property was transferred to special servicing in June 2020, with foreclosure completed in December 2022. This presents a value-add opportunity to enhance performance by transitioning the asset out of lender control and completing the Property Improvement Plan (PIP) to better position the property within the competitive set. The property benefits from strong inherent demand generators, resulting in a trailing 36-month average annual occupancy of over 82%. The Newark market tract has trailing 12-month Revenue Per Available Room (RevPAR) gains of 3.5%, outpacing U.S. national averages. Newark is experiencing large-scale development, including the $336 million New Jersey Performing Arts Center Mixed-Use Development and the proposed $500 million Skyline Towers at 520 Broad Street. Newark remains a focal point of the U.S. insurance and financial services industries, with more than 9 million square feet of Class A office space and a Fortune 500 presence, with 15 organizations maintaining a footprint in the market.
Location Intelligence

Current Use by Public Records

Hotels

Suggested Use

Realty agency Restaurant Law Firm Spa & Massage Building Supply Hair Salon Wholesale Shop Auto Repair Shop Nail Salon Clothing Store

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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City
Newark
County
Essex
State
New Jersey
Longitude
-74.18487
Latitude
40.702956

FAQs

What type of property is this?
Hotel - Lender-owned SpringHill Suites near Newark Airport, value-add opportunity.
Where is this hotel located?
The property is located at 652 Us Highway 1 And 9 South Newark, NJ.
What are key features of this property?
This property features: - Offered at a substantial discount to replacement cost, unencumbered by debt and management.; - Strong inherent demand generators resulting in a trailing 36-month average annual occupancy of 82%+.; - Available for relicensing under the existing SpringHill Suites by Marriott flag.
More about this property
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