BOSTON – Holliday Fenoglio Fowler announced the sale and debt and equity financing for the Hyatt House Bridgewater, a 128-room, all-suite hotel in the central New Jersey community of Bridgewater.
The HFF team represented the institutional seller, and procured the buyer, Gulph Creek Hotels. Additionally, HFF worked on behalf of the new owner to secure a seven-year, fixed-rate acquisition loan and source a joint venture equity partner. The hotel was marketed as part of a three-property Northeast hotel portfolio.
The Hyatt House Bridgewater is located at 530 Route 22 East centrally located to New York and Philadelphia and served by major highways, including Interstates 287, 78 and Route 202. Bridgewater has long been a hub for pharmaceutical companies and financial services companies, which together provide healthy corporate demand drivers for the hotel. Additionally, the region benefits from a strong educational base with Rutgers University, Princeton University and others located nearby. The Hyatt House comprises one two-story building and five three-story buildings with one- and two-bedroom suites featuring kitchens, separate living space, bedrooms and work areas. Hotel amenities include a guest market, complimentary hot breakfast buffet, H Bar, business and fitness centers, outdoor swimming pool and hot tub, fire pit and patio and 1,500 square feet of meeting space.
The HFF investment advisory team representing the seller consisted of senior managing director Daniel C. Peek, managing director Denny Meikleham, senior directors Alan Suzuki and KC Patel, director Matthew Enright and senior managing director Kevin O’Hearn.
HFF’s debt placement team representing the borrower included directors Patrick Keefe and Matthew Pizzolato. Keefe also sourced a joint venture equity partner on behalf of the new owner.