350 Morris Ave, Denville, NJ, 07834-1366, US

Hampton Inn Denville

Asset description

JLL Hotels & Hospitality has been retained as the exclusive agent to the Owner and is pleased to offer for sale the Hampton Inn Denville/Rockaway/Parsippany located at 350 Morris Avenue, Denville, NJ 07834 (herein referred to as the “Hotel” or “Property”).

The Hotel’s proximity to Interstate 287 and Interstate 80 provides easy access to New York and New Jersey’s corporate and leisure demand. Demand Drivers near the Hotel include Honeywell International, Pfizer, The Rockaway Townsquare Mall, the Morris Museum, and many more. With varying attractions throughout the Morris County area, the City of Denville benefits from its constant appeal to travelers. The Hotel is a five-story, 119-room and suite, select-service hotel featuring a well-equipped fitness center, heated indoor pool, business center and ± 1,453 square feet of flexible meeting space.

The Hotel completed a major renovation in 2023 and will be delivered to new ownership in excellent turn-key condition. The Hotel’s RevPAR index has underperformed its competitive set over recent years. With its renovation now complete, new ownership is provided with an opportunity to maximize the exceptional product and achieve its fair market share by exceeding past historical indexes

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Attributes

Units

119

Building area gross

705,241 sf

Year built

2000

Year renovated

2023

Media

Investment highlights

Excellent Accessibility to I-80: The Property is positioned within the northeast corridor at the intersection of US Interstate 80 and Christopher Columbus Highway. Situated just 50 minutes northwest of Newark and New York City, the Hotel has appropriate highway access to these populous destinations, their attractions, and surrounding markets.
Upside Potential: New ownership has the opportunity to grow revenues and cash flows, which will be extremely attractive to the investment community. The Hotel can grow revenue through stronger occupancy penetration coming off a renovation and can increase margins through cost- containment initiatives. Previously, the Property has achieved above-market penetration in occupancy while maintaining slightly below market penetration in ADR.
Hilton Brand Affiliation: Hampton by Hilton is internationally recognized as a member of Hilton Hotels, one of the largest and most respected hotel companies in the world. As a member of Hilton Honors, the Property enjoys the benefit of a superior reservation system and the rewards program that has one of the largest memberships among the major hotel companies3. As one of the most trusted names in hospitality, Hampton by Hilton is renowned for its consistent product quality and service.
Offered Unencumbered by Management: The Property will be offered unencumbered by a management agreement. A new owner/operator has the opportunity to revamp the operational strategies of the Hotel, implement strategic cost control initiatives and employ more aggressive revenue management strategies.
Rare Fee Simple Offering in High Barriers to Market: In addition to the Property being fully renovated, this rare fee-simple northern jersey Hotel is being offered well below the cost of replacement, positioning new ownership with a strong opportunity to increase market share
Refreshed Classic: Following a comprehensive transformation under new ownership in 2023, this property has been revitalized through a soft goods renovation. The extensive updates have breathed new life into the accommodations, introducing contemporary finishes and amenities. While maintaining the property's original character, these thoughtful enhancements ensure a fresh and modern experience.