Terms of the deal — and the buyer — were not disclosed.
The hotel, a 241-room hospitality asset featuring 8,000 square feet of meeting space located just off Interstate 80, and near MetLife Stadium and New York City, opened its doors in 1967 as the Marriott Motor Hotel.
The HWE team said it ran a successful auction process in tandem with the Ten-X platform for this value-add investment with a premium Marriott flag, which 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,” HWE Managing Director Bhavesh Patel said. “We will continue to represent our clients well in finding solutions across all segments in a nimble, efficient, and creative way. This is a prime example of such execution.”
HWE said the new owner is planning upgrades to the location.