"This has been a long process," says Joseph Muscarelle, CEO of the Maywood, NJ-based development company. "But we're looking forward to completing the project. We feel as though it will do very well in this location. There are lots of residents and businesses that will benefit from the services the hotel has to offer."

The new hotel is the third for Muscarelle, and second in New Jersey. The other Garden State property is a 154-key Courtyard by Marriott that's currently under construction in Paramus. And Muscarelle has a partnership interest in the 619-room Westin Hotel that's part of Pittsburgh's Liberty Center mixed-use development.

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