Listing Agents
Sean Banilivy
T | 516.456.7525
sbanilivy@paramountlodging.com
Brent Clemens
T | 312.402.2959
bclemens@paramountlodging.com
Detailed Information
Location
Property Highlights
- Fee-simple interest in the institutional-quality and third-party managed 410-room Holiday Inn Newark International Airport offered at a fraction of replacement cost
- Property recently underwent a robust and comprehensive renovation with current ownership investing approximately $13MM ($32K/key) into the asset
- Rare opportunity to acquire an asset adjacent Newark Liberty International Airport that is unencumbered of debt and management with minimal renovations needed
- Ability to retain the Holiday Inn brand with a new long-term license agreement
- Newark Liberty International Airport welcomed +49MM passengers in 2023, a 6% increase over its previous high set in 2019
LOCATION SUMMARY
- Strategically located near The Port of New York and New Jersey, the largest port on the East Coast and a vital hub for international trade, the Port of Newark is the closest to the hotel and is undergoing a $220M upgrade set for completion in 2028
- Newark robust economy is increasingly diversified across multiple industries including – warehousing, healthcare, technology, and financial services
- Notable local corporate demand includes Panasonic North America (HQ), PSEG, Audible (HQ), Prudential Financial (HQ), and SalSon Logistics
- Located near several prominent institutions of higher education, including Rutgers University-Newark, New Jersey Institute of Technology, Seton Hall, and Kean University accounting for combined enrolment of 46,000 students
- Proximate to all local leisure demand including MetLife Stadium, Prudential Center, American Dream Mall, New Jersey Performing Arts Center, and Redbull Arena
- Easily accessible to all healthcare demand, including the 665-bed Newark Beth Israel Medical Center, the 519-bed University Hospital, and the 358-bed Saint Michael’s Medical Center
- New York City Tourism and Convention reported that total visitation for 2023 eclipsed 62.2 million visitors, a 9.6% increase over 2022, largely fueled by a robust 23% surge in international travel compared to the previous year
- Newark Liberty International Airport recently completed its $2.7B Terminal A, featuring a new 1 million-square-foot terminal, eight bridges, a parking facility, 140 acres of airfield paving, and the opening of 33 new gates. Additionally, the Port Authority is investing $3.7B to extend the PATH train for enhanced accessibility to the airport.
- New York City forecasts that 2025 will welcome over 68 million visitors, surpassing 2019 records by nearly 2 million, while also serving as a prestigious venue for future global sports events such as the FIFA World Cup 2026