Parsippany Red Roof Inn, Restaurant Property Sells For Millions

PARSIPPANY, NJ — Despite the struggles the pandemic brought the hospitality industry, a Parsippany property featuring the Red Roof Inn recently sold for millions.

Newmark Associates CRE announced the sale of the 855-857 Route 46 East property. The 3.44-acre parcel also includes the Qin Dynasty Restaurant.

“With both motel and restaurant businesses adversely affected by the pandemic, the sellers were concerned about the timing of marketing such a property," said Managing Director Deborah Myers. "However, seeking out and working closely with the right professional — a hospitality broker — who not only knew the nuances of this industry but who was also very familiar with local buyers and sellers of motel properties, was critical to the success of this transaction.”

Newmark Associates did not disclose the buyer or the exact selling cost.

The hotel features 108 keys, while the restaurant occupies about 5,600 square feet.

Other unique aspects of the sale included "marketing specifically to motel/hotel operators," Myers said, "attracted not only to the locale but to the idea of having a motel where they could put their own flag as a franchisee and also have the value-added opportunity of additional income from the separate enterprise of an onsite restaurant."

Recent Parsippany commercial real estate news:

• Wegmans Retail Plaza In Parsippany Sells For $46 Million
• Major Renovations Planned For Parsippany Office Space

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