NEW JERSEY—HFF has arranged a $38.9 million acquisition financing for the Hanover Marriott, an eight-story, 353-room hotel in Whippany, N.J., on behalf of Clarion Partners. HFF secured a six-year, fixed-rate loan through a national life insurance company.
The HFF team representing the borrower was led by managing directors Steven Klein and John Bourret.
Located at 1401 Mount Pleasant Ave. (Route 10) near Interstate 287, the Hanover Marriott underwent a $15 million renovation in 2011, which included a complete redesign of its main restaurant and lobby, full guestroom, bathroom and corridor renovations, pool and fitness center upgrades and building system improvements.
