The Sheraton hotel at 500 Harbor Blvd in Weehawken, NJ is up for sale after its value dropped 45% from $128 million to $70.8 million. River-PW Hotel Limited Partnership defaulted on its $80 million loan in 2020, prompting special servicing and a friendly foreclosure backed by sponsor Hartz Financial Group. A receiver was appointed in 2021 and is now negotiating a sale after earlier bids fell short. Occupancy had stabilized post-pandemic, improving cash flow. The court recently approved a buyer, with a sale expected this year. The property’s appraised value has declined an additional 14% since May 2024.
500 Harbor Blvd
