For Auction
Asset Snapshot
Offering Summary
CBRE’s National Loan & Portfolio Sale Advisors and RealINSIGHT Marketplace are pleased to present for sale a $4.2 million ($26,087/key) nonperforming loan (the “Loan”) secured by the ground leased interest in the Holiday Inn Secaucus (the “Hotel”) The Loan was originated in December 2014 and was set to mature on June 9, 2020.
The Holiday Inn Secaucus is an eight-story, 161-room, full-service hotel located within an expansive shopping and mixed-use complex in Secaucus, New Jersey. Opened in 1982 and renovated in 2012, the Hotel features a full-service restaurant, coffee bar, two business centers, a fitness room, a market pantry and a guest laundry room.
The surrounding mixed-use community is referred to as The Plaza at Harmon Meadow which provides direct access and visibility from the NJ Turnpike. The Plaza’s 175-acre plot features over 2 million square feet of office space, 1 million square feet of retail and over 25 restaurants, all within close proximity of the Meadowlands Convention Center. Additionally, the Hotel benefits from exceptional access to Manhattan (5 miles west) and Newark Liberty International Airport (12 miles southwest).
Well-Located with Durable Demand Drivers
The Holiday Inn is integrated within The Plaza at Harmon Meadow, a mixed-use community adjacent to the 60,000 square foot Meadowlands Convention Center. This large venue hosts a multitude of popular trade shows, conventions and events with up to 5,000 visitors at a time.
Other entertainment options in the immediate area include MetLife Stadium, home to the New York Giants and the New York Jets. MetLife Stadium is just 3 miles from the Hotel and attracts over two million visitors a year, making it one of the busiest stadiums in the world. In addition, the Hotel is located just 4 miles from the American Dream retail & entertainment complex with over 3 million square feet of indoor shopping and attractions.
Top Brand Affiliation
The Hotel operates under a franchise agreement with Holiday Hospitality Franchising, LLC. The Holiday Inn is a subsidiary of InterContinental Hotels Group (IHG). IHG has approximately 842,749 guest rooms and over 5,900 hotels across nearly 100 countries. Under IHG the Holiday Inn brand has grown to be one of the world's largest hotel chains, with 1,173 active hotels and over 214,000 rentable rooms. The current franchise agreement with IHG expires on December 15, 2029.
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Disclaimers
The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
