Sale of two premier Marriott branded hotels along the Hudson River close

NEW YORK, Feb. 23, 2023 – JLL’s Hotels & Hospitality Group announced today that it has closed the sale of two Marriott brand hotels totaling 372 keys along the Hudson River in Weehawken, New Jersey.

JLL represented the seller, Veris Residential, in the all-equity sale to Navika Capital Group, LLC. The hotels were offered unencumbered by management.

The portfolio includes the 208-key EnVue Autograph Collection Port Imperial and the 164-key Residence Inn Port Imperial. The hotels, which opened in 2019 and 2018, respectively, operate under one building complex at the center of the $4 billion mixed-use development that is in the final phases at Port Imperial. The property features a collective 15,000 square feet of outdoor space, over 27,000 square feet of meeting and conference space, a fully equipped fitness center and unobstructed views of the New York City Skyline.

Situated along the Hudson River and located immediately adjacent to the Port Imperial Ferry Terminal, the hotels provide guests with seamless access to Manhattan via the NY Waterways ferry, which provides regular service to the West 39th Street Ferry Terminal in Midtown Manhattan and the Brookfield Place and Pier 11 Terminals in downtown Manhattan. As a result of this connectivity, guests can easily visit New York’s biggest attractions, including Hudson Yard, The High Line, Penn Station, Wall Street, The Battery, New York City Hall, The One World Trade Center and more. Furthermore, the hotel is proximate to Newark Liberty International Airport which is the 12^th busiest airport in the U.S.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

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Veris Residential, Inc. is a forward-thinking, environmentally- and socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. For additional information on Veris Residential, Inc. and our properties available for lease, please visit verisresidential.com.

Navika Capital Group LLC operates as a real estate company. The company offers real estate investment and development services for hotels, office buildings, shopping centers and multi-family housing across the nation.