2339 State Rt 4, Fort Lee, NJ 07024
185 Hotel Rooms | Online Auction Sale | Fort Lee, NJ 07024
For Sale
Active
- Property Type
-
Hospitality
- Square Feet
- 74,750 SF
Listing Contacts
- Property Info
Property Overview
Property tours are available September 3rd, 4th, 12th and 13th. Please contact Philip White at 248-798-0105 or email him at [email protected].
2339 State Route 4, known as The Mitchell Executive Hotel, represents an extraordinary opportunity to acquire a 185-key hotel with tremendous upside on a sizable plot of land in a highly coveted market. This 74,750-square-foot hotel is situated on 5.43 acres in North Jersey, a rare offering. Currently featuring 185 guestrooms, the hotel operates with limited-service amenities. Rooms are equipped with a 32-inch TV, refrigerator, microwave, and complimentary Wi-Fi, with configurations of either a king bed or two double beds. Community amenities include an outdoor pool, business center, and fitness center. Additionally, the hotel has a non-operational F&B component that can be reopened or repurposed by a new owner. The property also includes a 5,000-square-foot extended-stay building with potential for rental income or alternative uses. This sale presents a unique opportunity for an investor to acquire a fee simple hotel significantly below replacement cost, benefiting from a hands-on, intentional approach to capital deployment.
The Mitchell Hotel boasts outstanding accessibility to both Northern New Jersey and New York City. It is nestled between Interstate 95 and State Route 4, making it less than a 4-mile drive into New York City via the George Washington Bridge. The location is served by nearby NJ Transit Train stations, Route 4, Interstates 95 and 80, Route 9W, and the George Washington Bridge. The hotel draws room night demand from both Northern New Jersey and New York City, with Bergen County offering substantial hotel room night demand depth. The area is home to numerous Fortune 1,000 companies, walkable downtown areas such as Fort Lee and Englewood, MetLife Stadium, Meadowlands Racing & Entertainment, Teterboro Private Airport, and several malls, including the largest mall and entertainment complex in the US, American Dream.
The Northern New Jersey/New York City area has made a remarkable recovery since the COVID-19 pandemic, driven by the return of corporate travel and pent-up leisure demand. The Bergen/Passaic NJ and New York hospitality markets, which abut each other across the Hudson River, have seen significant recovery with 156% and 239% increases in RevPAR as of the trailing 12 months ending April 2024, respectively. The Bergen/East Rutherford submarket, where the hotel is located, has experienced a 163% increase in RevPAR over the same period. A custom trend report from JLL on eight nearby hotels, including Hilton, IHG, and Marriott properties, showed a RevPAR increase of 168% from 2020 lows as of December 2023. The market is also set to benefit from major demand-inducing events, including the 10-Year Hudson Tunnel Project and nine FIFA World Cup matches in 2026, including the championship and accompanying events.
Acquiring The Mitchell Executive Hotel presents a unique opportunity to purchase a fee simple property significantly below replacement cost, with room to increase profitability through strategic enhancements.
Property tours are available by appointment only. Please contact the broker to schedule.
2339 State Route 4, known as The Mitchell Executive Hotel, represents an extraordinary opportunity to acquire a 185-key hotel with tremendous upside on a sizable plot of land in a highly coveted market. This 74,750-square-foot hotel is situated on 5.43 acres in North Jersey, a rare offering. Currently featuring 185 guestrooms, the hotel operates with limited-service amenities. Rooms are equipped with a 32-inch TV, refrigerator, microwave, and complimentary Wi-Fi, with configurations of either a king bed or two double beds. Community amenities include an outdoor pool, business center, and fitness center. Additionally, the hotel has a non-operational F&B component that can be reopened or repurposed by a new owner. The property also includes a 5,000-square-foot extended-stay building with potential for rental income or alternative uses. This sale presents a unique opportunity for an investor to acquire a fee simple hotel significantly below replacement cost, benefiting from a hands-on, intentional approach to capital deployment.
The Mitchell Hotel boasts outstanding accessibility to both Northern New Jersey and New York City. It is nestled between Interstate 95 and State Route 4, making it less than a 4-mile drive into New York City via the George Washington Bridge. The location is served by nearby NJ Transit Train stations, Route 4, Interstates 95 and 80, Route 9W, and the George Washington Bridge. The hotel draws room night demand from both Northern New Jersey and New York City, with Bergen County offering substantial hotel room night demand depth. The area is home to numerous Fortune 1,000 companies, walkable downtown areas such as Fort Lee and Englewood, MetLife Stadium, Meadowlands Racing & Entertainment, Teterboro Private Airport, and several malls, including the largest mall and entertainment complex in the US, American Dream.
The Northern New Jersey/New York City area has made a remarkable recovery since the COVID-19 pandemic, driven by the return of corporate travel and pent-up leisure demand. The Bergen/Passaic NJ and New York hospitality markets, which abut each other across the Hudson River, have seen significant recovery with 156% and 239% increases in RevPAR as of the trailing 12 months ending April 2024, respectively. The Bergen/East Rutherford submarket, where the hotel is located, has experienced a 163% increase in RevPAR over the same period. A custom trend report from JLL on eight nearby hotels, including Hilton, IHG, and Marriott properties, showed a RevPAR increase of 168% from 2020 lows as of December 2023. The market is also set to benefit from major demand-inducing events, including the 10-Year Hudson Tunnel Project and nine FIFA World Cup matches in 2026, including the championship and accompanying events.
Acquiring The Mitchell Executive Hotel presents a unique opportunity to purchase a fee simple property significantly below replacement cost, with room to increase profitability through strategic enhancements.
Property tours are available by appointment only. Please contact the broker to schedule.
Property Details
- Class
- C
- Year Built/Renovated
- 1968/2013
- Stories
- 6
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 236,531 SF
- Units
- 185
Highlights
- This 185-key hospitality asset sits on a sizable 5.43-acre plot in North Jersey, offering tremendous potential for value addition and development.
- Brand Availability includes Marriott, Hilton, IHG, Wyndham, Sonesta, Choice and Others.
- Nestled between I-95 and SR 4 and ideally located less than 4 miles from New York City via the renowned George Washington Bridge.
- Opportunity to increase NOI with an additional, on-site 5,000-SF extended-stay building with potential for rental income or alternative uses.
- Northern New Jersey/New York City hospitality markets have shown remarkable recovery post-pandemic, with significant increases in RevPAR.
- Upcoming major events, such as the 10-Year Hudson Tunnel Project and nine FIFA World Cup matches in 2026, are poised to boost demand in the area.
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