Spark GHC purchased the 120-key Home2 Suites by Hilton Wayne (N.J.) from affiliates of DC Hospitality Group for an undisclosed amount. Other terms and conditions were not disclosed.Hunter Hotel Advisors' David Perrin and Spencer Davidson, senior vice presidents, facilitated the transaction.
Located less than 20 miles outside of Manhattan, the Home2 Suites by Hilton Wayne sits within a dense commercial corridor surrounded by key corporate players including Driscoll Foods, FedEx Group and Advanced Biotech, as well as several retail and entertainment outlets including Willowbrook Mall and MetLife Stadium. Wayne’s workforce of more than 25,000 plays a pivotal role in the local economy, with major employers including St. Joseph’s Wayne Hospital, the Passaic County Administration and International Specialty Products driving regional job growth. With a diverse student body of over 11,000, William Paterson University brings a steady stream of visitors to the hotel throughout the year.
"The Home2 Suites by Hilton Wayne represents exactly the kind of high-quality, strategically located asset we target,” Amit Patel, co-founder and CEO, Spark GHC, said in a statement. “Its proximity to major corporate demand generators, higher learning institutions and top retail and entertainment venues positions it for strong, resilient performance. This marks our second transaction with Hunter Hotel Advisors, and we couldn’t be more pleased with the process and partnership. We look forward to building on the hotel’s recent success and continuing to deliver exceptional guest experiences in the Great New York City community."
The 2020-built Home2 Suites by Hilton Wayne has an on-site fitness center, a business center and an indoor pool.