Hospitality Funding Advises Newark Hotel Acquisition
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.”
About Hospitality Funding
Hospitality Funding, Inc. is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior sponsors to find capital solutions that fit their specific goals for property acquisitions. For more information, please visit www.hospitalityfunding.com.
About Waramaug LS Hotels LLC
Waramaug LS Hotels LLC is the select-service affiliate of Waramaug Hospitality, a privately held hotel investment firm that focuses on acquiring legacy-branded hospitality assets throughout the United States. Waramaug Hospitality’s portfolio comprises 41 hotels with a total of 6,155 rooms. For more information, contact Paul Stern at email@example.com.