The TownePlace Suites Dover Rockaway, 102 rooms, and the TownePlace Suites Bridgewater Branchburg, 111 rooms, present an opportunity to buy into an exponentially growing market at an attractive basis. The Hotels can be acquired independently of one another. Both hotels are being offered at a discount to replacement cost.
Built in 2017 and 2018, respectively, the TownePlace Suites New Jersey Portfolio offers investors the rare opportunity to acquire two institutional quality assets within economically diverse submarkets in Northern New Jersey. Located approximately 45 minutes from one another, a new owner would have the ability to benefit from operational synergies, driving above market cash flow margins at each asset.
As the Hotels continue to rebound from the effects of the COVID-19 Pandemic, the portfolio is witnessing strong signs of recovery with double-digit RevPAR increases of 34.0% at TownePlace Suites Bridgewater Branchburg and 15.1% at the TownePlace Suites Dover Rockaway as of the TTM period ended April 2023. With a combined average RevPAR of $75.49 in-place, the hotels are generating nearly $6.0 million in rooms revenue, and are forecast to produce roundly $6.4 million by year-end 2023.
TownePlace Suites by Marriott focuses on ensuring that longer-stay guests stay productive and upbeat with personalized service and clever design details that give them a sense of calm and comfort during their extended stays. Premium branded assets have distinct competitive advantages compared to the rest of the market due to their large rewards and reservation systems as well as name recognition. All Marriott properties are backed by the Marriott Bonvoy reward program which boasts over 160 million members across 31 brands and more than 8,000 hotels worldwide.