Sheraton Parsippany Hotel

JLL’s Hotels & Hospitality Group, as sole and exclusive agent for the owner, has been retained to offer for sale a fee simple interest in the 370-room Sheraton Parsippany (the “Hotel” or “Property”). The Hotel offers a resort-like experience thanks to its unique castle inspired architecture and extensive meeting and amenity facilities, with demand heavily driven from an array of occupied business parks in the vicinity, including many large life sciences corporations and three Fortune 1000 corporation headquarters. Due to the suburban flight trend after the COVID-19 pandemic, the Parsippany/Morris County area has seen tremendous new development traction in apartment, retail, office and industrial, including, but not limited to, The District at 15fifteen, 325 apartment Citizen Parsippany, 410 apartment Avalon Parsippany, +-125,000 square feet of industrial space at 2 Hilton Ct, +-150,000 square feet of office space at Morris Corporate Center and +-100,000 square feet of industrial space at 299 Jefferson Road. Additionally, the Hotel has premier accessibility to NYC, the East Coast’s largest MSA, due to its centralized location between heavily traveled I-80 and I-287.

The Property, built in 1987, offers the highest room count and largest banquet facility in the submarket, with more than 40,000 square feet of meeting space including a Grand Ballroom, capable of accommodating up to 800 guests. The Hotel also boasts a full-service restaurant, an extensive fully equipped fitness facility (currently leased to a third-party operator), an indoor and outdoor pool, Sheraton Club, basketball court, and due to its 12+ acre site, a beautiful outdoor area for guests to enjoy, with a potential to develop additional amenities. Additionally, the Hotel has access to and is adjacent to a walking trail surrounding a water feature. This opportunity provides a new owner with the ability to acquire an institutional quality, premium-branded, irreplaceable full-service hotel in an established but still developing location, unencumbered by management and brand with multiple premium options, which will allow a new owner to renovate to their own standards and create value. The Property has the opportunity to re-establish its positioning as the premier hotel and meeting venue in the market post renovation and provides a new owner exceptional upside in future cash flow through improving market fundamentals, hands-on management, and executing numerous value-add ROIs. The Hotel is being offered free and clear of debt and at a substantial discount to replacement cost.