Hodges Ward Elliott (HWE), a boutique real estate capital markets advisor, arranged the sale of the Marriott Saddle Brook, a 241-key hospitality asset in Saddle Brook, New Jersey.
An HWE team comprised of Managing Directors B.J. Patel and Jay Morrow and Vice President Coby Campbell brokered the sale of the property on behalf of the seller.
The asset opened 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 TenX, ran a very efficient and successful auction process despite a number of hurdles related to the macro-environment,” Patel said.
The new owner plans to upgrade the full-service hotel, which is located near Elmwood Park, Hackensack, MetLife Stadium, Fairleigh Dickinson University and Great Falls Park. The Marriott Saddle Brook hotel also offers over 8,000 square feet of meeting space.
