JLL’s Hotels & Hospitality Group on Tuesday said it closed the successful sale and financing of the 122-room Courtyard by Marriott Wayne Fairfield, a select-service hotel located at 263 US Highway 46 in Northern New Jersey.
JLL represented the seller, RiverLink Hotels, in the sale to affiliates of Concord Hospitality. Additionally, working on behalf of the new owner, JLL secured the acquisition financing for the transaction through M&T Bank.
The 2018-vintage, four-story hotel is strategically positioned just 20 miles from New York City and sits adjacent to the popular Willowbrook Mall. Its location offers convenient access to major transportation arteries, including Route 23, Interstate 80, Interstate 287, and the Garden State Parkway, making it a key hub for both corporate and leisure travelers.
“This Courtyard by Marriott represented a compelling value-add investment opportunity in one of northern New Jersey’s most strategically located markets,” Phil White, director at JLL, who led the team representing the seller said. “The property combines relatively new vintage construction, strong in-place cash flows and significant operational upside potential in a high barrier-to-entry market.”
The hotel features a diverse guestroom mix, comprehensive amenities including an indoor pool, a fitness center, and 1,587 square feet of meeting space. The property’s on-site dining, The Bistro restaurant, serves both breakfast and dinner, along with a full evening bar.
Jillian Mariutti, managing director at JLL, who spearheaded the financing efforts, noted the competitive nature of securing the loan. “This transaction is reflective of the active debt markets we’re seeing today, particularly for high-quality, well-sponsored assets,” Mariutti added, underscoring lender confidence in the hospitality sector’s continued performance.
The property’s location near universities, corporate headquarters, MetLife Stadium, and the American Dream Mall attracts a diverse traveler base, positioning the asset to benefit from continued recovery in business and leisure travel demand.
