Courtyard Basking Ridge

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 235-room Courtyard Basking Ridge. The Courtyard Basking Ridge is a rare receivership sale opportunity for a property with substantial untapped potential. The Hotel, which is currently operated by Marriott, is being offered to qualified investors as a franchise for the first time, allowing for an operator to have hands on control. The Property is currently underperforming, achieving nearly $8 million in room revenues while ranking near the bottom of its competitive set in occupancy and ADR, presenting immediate upside potential for an experienced operator. A targeted renovation program would position the Hotel to better capitalize on the robust corporate demand in the area, particularly given the Courtyard brand’s strong appeal to business travelers. Post-renovation, the Property would emerge as the finest product in the market, enabling it to capture both premium rates and increase occupancy helping exceed its competitive set’s current RevPAR of $122.63 and the Courtyard's 2019 RevPAR of $128.37.