The DoubleTree by Hilton Newark Penn Station, a 257-room resort, is listed on the market as downtown Newark experiences important growth and development.
The DoubleTree by Hilton Newark Penn Station, situated at 1048 Raymond Boulevard, Newark, NJ, is now out there on the market. The resort is instantly linked to Newark Penn Station, a significant transportation hub in northeast New Jersey. The property underwent intensive renovations in 2019, with over $6 million invested to reinforce its services. Westmont Resort Group manages the resort beneath a long-term franchise settlement with DoubleTree and operates with a unionized workforce.
Location and Accessibility
The resort is located in downtown Newark, near main company places of work, together with Panasonic, Prudential, and Horizon Blue Cross Blue Defend. It is usually close to the Prudential Heart, a outstanding enviornment, and a brief drive from Newark Liberty Worldwide Airport. The realm has seen a growth increase, with tasks like Ironside Newark and Gateway Heart attracting corporations comparable to Mars Wrigley and Audible.
Market Efficiency
For the twelve months ending January 2024, the resort reported an occupancy charge of 77.6% and a mean each day charge (ADR) of $163.55, leading to a income per out there room (RevPAR) of $126.90. The 2024 funds tasks a 79.7% occupancy and a $174.22 ADR, with a RevPAR of $138.86, reflecting a ten% development over 2023.
Growth and Progress in Newark
Downtown Newark is present process a change, shifting from a daytime enterprise district to a 24/7 group. New developments, such because the Mulberry Commons Pedestrian Bridge and Liongate Studios Newark, are underway. The latest $2.7 billion renovation of Newark Liberty Worldwide Airport’s Terminal A, accomplished in September 2023, is predicted to additional enhance the native financial system.
Funding Alternatives
The DoubleTree gives potential buyers a chance to amass a high-quality asset at a reduction to substitute price. The resort is positioned for continued development, with expectations of elevated demand from close by developments and occasions on the Prudential Heart. The property is obtainable unencumbered by administration, permitting flexibility for brand spanking new homeowners.
The DoubleTree by Hilton Newark Penn Station presents a strategic funding alternative in a quickly creating city space. With its prime location, latest renovations, and projected market development, the property is well-positioned for future success.
Inquire at CBRE.