Description

JLL's Hotels & Hospitality Group, as sole and exclusive agent for the owner, has been retained to offer for sale the fee simple interest in the 353-room Hilton Parsippany and the 152-room Hampton Inn Parsippany (the "Hotels" or "Properties") on +-15.76 acres in high barriers to entry Northern New Jersey. The location provides easy access to Route 10, I-80, I-287, I-280, and Route 46, creating seamless connectivity to New York City, Newark Liberty International Airport, and the broader tri-state region. This superior branding and transportation infrastructure positions the Hotels as ideal bases for business travelers, corporate groups, and leisure guests seeking convenient access to Northern New Jersey's corporate corridors and Manhattan's central business district.

The strategic reduction in full-service hotel supply across Northern New Jersey, combined with consistent consumer demand and strong lodging fundamentals, positions the dual-brand portfolio for significant RevPAR upside through targeted brand required renovations. A new owner will acquire well-constructed hotels at a significant discount to replacement cost in a high-barrier Northern New Jersey market. With no management agreement encumbrances, the buyer can implement operational improvements and revenue strategies. Strong market fundamentals and reduced competition (2,600+ rooms closed since COVID, including the 427-room Hilton Meadowlands) create optimal conditions for cash flow generation and future market share growth post renovations.

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