A Marriott hotel in North Jersey, the second one in the hospitality chain that was ever built, has been sold for $16.8 million.
The 241-room Marriott Saddle Brook, a local landmark because of its prominence right off busy Interstate 80, was sold by Boston-based Pyramid Global Hospitality to Victory International USA, which is headquartered in Eatontown, New Jersey, according to CoStar data.
Terms of the deal weren’t disclosed.
The historic 12-story property at 138 Pehle Ave. in Saddle Brook opened in 1967 as the Marriott Motor Hotel and was the second Marriott hotel ever built, according to a statement from Hodges Ward Elliott, the capital markets adviser on the deal.
Its 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,” Hodges Ward Elliott said. That process found a buyer “despite a number of hurdles related to the macro-environment,” Bhavesh “B.J.” Patel, a managing director at the firm, said in a statement.
The starting bid at the auction on Ten-X, which is owned by CoStar Group, was $5.5 million.
The Marriott’s new owner plans to upgrade the full-service hotel, according to Hodges Ward Elliott. The hotel is 20 miles from Manhattan and is also near several popular New Jersey destinations including MetLife Stadium in East Rutherford, Fairleigh Dickinson University in Teaneck and Paterson Great Falls National Historical Park in Paterson.
The hotel offers over 8,000 square feet of meeting space.
The Hodges Ward Elliott team of managing directors Bhavesh “B.J.” Patel and Jay Morrow and vice president Coby Campbell brokered the deal on behalf of the seller.