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Courtyard Basking Ridge Hotel – Image Credit JLL
The Courtyard Basking Ridge Hotel, a 235-room property located in New Jersey, is up for sale, presenting a rare investment opportunity with significant potential for growth and value addition.
The Courtyard Basking Ridge Hotel, a 235-room property situated on 19.68 acres, is now listed for sale. The property, built in 2001, is being offered by JLL’s Hotels & Hospitality Group as a fee simple interest. This sale represents a unique receivership opportunity, allowing potential investors to acquire a hotel with considerable untapped potential.
Property Overview
The Courtyard Basking Ridge Hotel, currently operated by Marriott, is being offered to qualified investors for the first time as a franchise. This change allows for hands-on control by the operator, which can be a significant advantage for those looking to maximize the property’s potential. Despite its current underperformance, with nearly $8 million in room revenues, the hotel ranks near the bottom of its competitive set in terms of occupancy and Average Daily Rate (ADR).
Investment Potential
The property presents immediate upside potential for experienced operators. A targeted renovation program could significantly enhance the hotel’s appeal, especially given the strong demand from corporate travelers in the area. The Courtyard brand is well-regarded among business travelers, and post-renovation, the hotel could emerge as a leading product in the market. This would enable it to capture premium rates and increase occupancy, potentially exceeding the current competitive set’s Revenue Per Available Room (RevPAR) of $122.63 and the Courtyard’s 2019 RevPAR of $128.37.
Investment Highlights
- Marriott Franchise Conversion
- Receivership Sale
- Value Add through Renovation
- High Barriers to Entry
- Fee-Simple
- Competitive Set RevPar at $120+
- In-place cash flow
- 2026 FIFA World Cup Business
Inquire at JLL.
