Palm Beach, FL — Hospitality Funding, Inc. arranged funding for the acquisition of the the SpringHill Suites by Marriott Newark Liberty International Airport hotel in Newark, New Jersey. In a joint venture with a China-based investor, Waramaug LS Hotels LLC added the property to their portfolio.
When assessing the deal, Hospitality Funding and Waramaug Hospitality considered the following:
- The property is located adjacent to Newark Liberty International Airport
- The property is a 200-room, six-story, all-suite hotel that opened in 2004
- The hotel’s amenities include complimentary breakfast, a 24-hour Market, airport shuttle service, an indoor swimming pool, a fitness center, a business center and three event rooms tailored for business and social functions.
- The suites feature separate living areas, wet bars with refrigerators, microwaves, and work stations with complimentary high-speed wireless Internet.
- In addition to its airport proximity, the hotel is situated near prime shopping and recreational destinations, such as The Mills at Jersey Gardens and the Prudential Center, and within a 30-minute drive of New York City.
Of the company’s recent success, Hospitality Funding’s President Steven Fischler said, “This is an excellent add to Waramaug’s portfolio. Not only is it conveniently located in the New York metropolitan-area, but it’s full of amenities ideal for the business and leisure travelers.We are thrilled to have facilitated this transaction between Waramaug and the China-based investor.”