652 US Highway 1 and 9 South Newark, NJ 7114

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.