Cedar Knolls-based Newmark Associates CRE said Sept. 27 that it recently sold a 3.44-acre property comprised of a “108-key” Red Roof Hotel and an approximately 5,600-square-foot freestanding restaurant.
The property is located in Morris County at 855-857 Route 46 E., Parsippany. The owner was an undisclosed Newmark client whom Managing Director Deborah Myers has represented for several years in selling certain family assets. The exact price of the “multimillion” dollar deal was not disclosed.
This is the third sale transaction she facilitated on behalf of the owner in the last 18 months.
Remarking upon the unique challenges of completing this transaction, Myers 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 the completion of the sale.”