148 KEYS FOUR STAR HOTEL IN SADDLE BROOK NJ

Off Market

Hotel

12 Stories

148 Keys

2.74 acres

Built 1971

WONDERFUL DEAL IN A PRIME AREA OF NEW JERSEY....148 KEY CROWN PLAZA HOTEL THAT IS JUST 7 OR SO MILES FROM THE NFL HOME OF THE N.Y. GIANTS & N.Y. JETS IN MEADOWLANDS

JUST A FEW MILES FROM NET LIFE STADIUM, HOME OF THE JETS & GIANTS, HERE'S THE 148 KEY CROWNE PLAZA HOTEL THIS IS A SERIOUS DEAL FOR THE SERIOUS BUYER

Asking Price: $11,000,000 + 3% fees

PURCHASE PRICE IS FIRM PER THE SELLER AT $11,000,000......THE BUYER TO PAY A 3% R.E. COMMISSION AT THIS PRICE OR SHOULD THE BUYER CHOOSE THE HAVE THE SELLER PAY THE REAL ESTATE COMMISSION, THE PURCHASE PRICE TO BE $11,330,000. (DELIVERABLE WHILE IT IS AVAILABLE) THIS IS A 148 KEY FULL SERVICE FOUR STAR CROWNE PLAZA IS LOCATED AT 50 KENNY PLACE, SADDLE BROOK, NEW JERSEY 07663 BUILT IN 1980, THIS HOTEL HAS UNDER GONE A TOTAL RENOVATION HOTEL IN 2015 INCLUDING ELECTRICAL, PLUMBING, FLOORING, TUBS, DOORS, ETC, ETC THIS HOTEL HAS A LAND LEASE WITHIN 50 YEARS REMAINING TAKING THE EXPIRATION OUT TO AROUND 2070 CURRENT ANNUAL LEASE PAYMENT IS ABOUT $30,000 PER MONTH THERE ARE FIVE YEARS REMAINING ON CURRENT FRANCHISE AGREEMENT  PROPERTY TAXES ARE APPROXIMATELY $23,000 PER MONTH THE HOTEL OFFERS A BANQUET HALL, RESTAURANT THAT IS APPROXIMATELY 8,000 SQUARE FEET ALL FLOOR PLANS AND LAYOUTS OF THE HOTEL PLUS THE FRANCHISE AGREEMENT WILL BE MADE AVAILABLE DURING THE FORMAL DUE DILIGENCE PERIOD ALL PROFIT AND LOSS STATEMENTS WILL BE MADE AVAILABLE DURING THE FORMAL DUE DILIGENCE PERIOD THE ROOF IS APPROXIMATELY 5 YEARS OLD THIS IS A PRICE POINT SALE, NOT A HOTEL BASED ON CAP RATE OR NET OPERATING INCOME...CAP RATE IS EXPECTED TO BE LOW, HENSE, THE $11.3M PRICE DISCLOSURE-DISCLOSURE-DISCLOSURE: THIS WAS & THE EMPHASIS ON "WAS", IT WAS ON LOOPNET. NO LONGER ON LOOPNET,  IT IS OFF THE MARKET

THIS PORTFOLIO SALE IS OFF THE MARKET MUST STAY OFF THE MARKET, PLEASE DO NOT LET THIS PORTFOLIO GO VIRAL

DEAR BUYER, THIS IS AN OFF THE MARKET (NOW) AND THIS IS A PRE-DUE DILIGENCE PACKAGE AND NOT A FORMAL DUE DILIGENCE PACKAGE. PLEASE NOTE: THE SELLER MAY HAVE PROVIDED HISTORICAL FINANCIALS UPFRONT. THE SELLER "IS NOT" ASKING THE POTENTIAL BUYER TO PROVIDE A PSA AND ESCROW DEPOSIT UPON THE RECEIPT OF THIS OFFERING MEMORANDUM, JUST AN LOI SHOWING THE BUYER'S INTEREST, BUYER'S INVESTMENT BIO, BUYER SIGNED MASTER FEE AGREEMENT AND THE FACT THAT THE BUYER IS FINANCIALLY CAPABLE. GIVEN THAT IF THE BUYER CHOOSES TO DO THE PREVIOUS PROTOCOL AND PROOF UP ATTORNEY TO ATTORNEY, THAT IS THE BUYER'S OPTION. ONCE PROOFED UP, THE SELLER WILL PROVIDE SOME OF THE UPDATED AND THEN THE SELLER WILL PROVIDE ABSOLUTELY EVERYTHING IN FORMAL DUE DILIGENCE. BUYER & SELLER PARTICIPATION MUST BE A TWO WAY STREET. TO MOVE FORWARD, THE BUYER AND OR THE SELLER TO SIGN THE ASSET SPECIFIC MASTER FEE AGREEMENT (DEPENDING ON THE EXECUTED PURCHASE PRICE), THE BUYER TO PROVIDE AN ASSET SPECIFIC LETTER OF INTENT TO INCLUDE THE PURCHASE PRICE, DUE DILIGENCE PERIOD, CLOSE OF ESCROW OF DATE AND THE AMOUNT OF THE EARNEST MONEY DEPOSIT THAT WILL BE ESCROWED ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT. THE BUYER TO PROVIDE A BUYER'S COMMERCIAL BIO OF COMMERCIAL ASSET HELD IN THEIR INVESTMENT PORTFOLIO.  THE BUYER TO PROVIDE A BUYER'S VERIFIABLE PROOF OF FUNDS IN THE FORM OF A BANK OR FUND STATEMENT OF ACCOUNT. PLEASE NO TRANSACTIONAL FUNDING

TB