Real Estate

Multi-million Dollar Sale of Parsippany Hotel, Restaurant Property

Newmark Associates CRE announced the multi-million-dollar sale of a 3.44-acre property comprised of a “108 key” Red Roof Hotel and an approximate 5,600-square-foot freestanding restaurant. The property is located at 855-857 Route 46 East, Parsippany. The owner was an undisclosed Newmark client.

Remarking upon the unique challenges of completing this transaction, Deborah Myers, managing director at Newmark, commented, “With both motel and restaurant businesses adversely affected by the pandemic, the sellers were concerned about the timing of marketing such a property. However, seeking out and working closely with the right professional – a hospitality broker – who not only knew the nuances of this industry but who was also very familiar with local buyers and sellers of motel properties, was critical to the success of this transaction.”

Other unique aspects of the sale included “marketing specifically to motel/hotel operators attracted not only to the locale but to the idea of having a motel where they could put their own flag as a franchisee and also have the value-added opportunity of additional income from the separate enterprise of an onsite restaurant,” she said. “Finding the right operator for the motel, that is, someone who could work with an additional tenant inside the timing of the sale was also critical in completion of the sale.”

Newmark Associates is Certified as a woman-owned business (WBENC) by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members.

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