HVS Capital Corp is pleased to announce that it served as exclusive financial advisor to Parkway Lodging Realty, LLC and successfully arranged $17.0 million in first mortgage financing, funded by a foreign bank, on a Hilton Garden Inn in Lakewood, New Jersey.
Lakewood offers more than 2,500 retail and professional businesses and features the second largest industrial park in all of New Jersey. In addition to this facility, the area’s lodging demand is generated by tourism and Joint Base McGuire-Dix-Lakehurst. Ocean County is home to many tourist attractions, including numerous beach communities, such as Seaside Heights and Long Beach Island, as well as Six Flags Great Adventure Theme Park, New Jersey's Pine Barrens and several historic lighthouses.
According to Bill Sipple, Executive Managing Director of HVS Capital Corp, “the Hilton Garden Inn is a strong competitor that well-exceeds the performance of the competitive set hotels both in terms of occupancy and ADR.”
The Hilton Garden Inn enjoys a prime location just off the Garden State Parkway, is the newest lodging facility in the competitive set and offers a superior brand affiliation. While the competitive set’s RevPAR grew modestly between 2009 and 2012, the hotel’s RevPAR increased by a robust 18.1% during this period.
HVS Capital Corp