Weehawken, NJ hotel up for sale, after 45% drop in value

A Weehawken, New Jersey hotel has seen its valuation slashed by 45 percent in the last decade — from $128 million to $70.8 million, according to Morningstar Credit.  The hotel, a Sheraton, has been taken over by a receiver who is negotiating the sale of the property.  The borrower, called River-PW Hotel Limited Partnership, took out $80 million against the property in a 2015 refinancing.  But the pandemic hit hard. The hotel was union-managed with 343 rooms, located just south of the Lincoln Tunnel to Midtown Manhattan.  In November 2020, the borrower missed its payment and the loan was transferred […]This article originally appeared on The Real Deal. Click here to read the full story.