Hospitality Funding Advises Newark Hotel Acquisition
PALM BEACH, FL. July 26, 2017 - Hospitality Funding, Inc. arranged funding for the acquisition of the the SpringHill Suites by Marriott Newark Liberty International Airport hotel in Newark, New Jersey. In a joint venture with a China-based investor, Waramaug LS Hotels LLC added the property to their portfolio.
When assessing the deal, Hospitality Funding and Waramaug Hospitality considered the following:
•The property is located adjacent to Newark Liberty International Airport
•The property is a 200-room, six-story, all-suite hotel that opened in 2004
•The hotel's amenities include complimentary breakfast, a 24-hour Market, airport shuttle service, an indoor swimming pool, a fitness center, a business center and three event rooms tailored for business and social functions.
•The suites feature separate living areas, wet bars with refrigerators, microwaves, and work stations with complimentary high-speed wireless Internet.
•In addition to its airport proximity, the hotel is situated near prime shopping and recreational destinations, such as The Mills at Jersey Gardens and the Prudential Center, and within a 30-minute drive of New York City.
Of the company's recent success, Hospitality Funding's President Steven Fischler said, “This is an excellent add to Waramaug's portfolio. Not only is it conveniently located in the New York metropolitan-area, but it's full of amenities ideal for the business and leisure travelers.We are thrilled to have facilitated this transaction between Waramaug and the China-based investor.”
About Hospitality Funding
Hospitality Funding, Inc. is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior sponsors to find capital solutions that fit their specific goals for property acquisitions. For more information, please visit www.hospitalityfunding.com.
About Waramaug LS Hotels LLC
Waramaug LS Hotels LLC is the select-service affiliate of Waramaug Hospitality, a privately held hotel investment firm that focuses on acquiring legacy-branded hospitality assets throughout the United States. Waramaug Hospitality's portfolio comprises 41 hotels with a total of 6,155 rooms. For more information, contact Paul Stern at info@waramaughospitality.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
