Doubletree by Hilton Jersey City, NJ

UNDER CONTRACT

• Fee-simple interest in the institutional-grade and brand managed 198-room Doubletree by Hilton Jersey City offered for sale through receivership
• Property is offered at a substantial discount to replacement cost in the high barrier to entry Jersey City market
• Substantial operational upside in purchasing the hotel through receivership, completing the PIP, and repositioning the asset
• Jersey City is becoming a thriving financial, fintech, life sciences and tech-hub that is home to many major corporate demand drivers such as JP Morgan Chance, Goldman Sachs, ADP, Fidelity, Verisk Analytics, and the Deposit Trust & Clearing Corporation
• Popular leisure attractions include with Liberty State Park, The Liberty Science Center, Liberty National Golf Club, The Statue of Liberty, and Ellis Island
• The City is home to several colleges and universities, including Saint Peter’s University, New Jersey University, and Eastern International College
• Easily accessible to all local healthcare demand, including Jersey City Medical Center and Christ Hospital Jersey City
• Jersey City is located just across the Hudson River from Manhattan’s Financial District, providing easy access via the Holland Tunnel or PATH transit systems to one of the world’s most important financial centers in New York City and the world
• The location of the property is advantageous due to its close proximity to the Jersey City Ferry, offering direct transportation to New York City within a 10-15 minute ferry ride
• Newark International Airport recently opened its $2.7B Terminal, a vast complex encompassing a million- square-foot terminal, eight bridges, a parking facility, and 140 acres of airfield paving, with plans to open 12 additional gates in 2023, while the Port Authority is also investing $3.7B to extend the PATH train for enhanced accessibility to Newark Airport
• Jersey City, known as Wall Street West, is a prominent financial hub with a substantial presence of financial companies, and its Exchange Place district along Downtown Jersey City waterfront is particularly associated with these firms
• Readily accessible to four commercial and international airports, including LaGuardia Airport, John F. Kennedy International Airport, Newark International Airport, and Westchester County Airport
• New York City tourism recovery is nearly complete with over 56 million tourists in 2022 and an anticipated 61 million tourists in 2023
• Jersey City is the second most populous city in New Jersey and is an integral part of the New York Metropolitan area that boasts a population of over 20.1 million