(Mark your Calendars: RealShare New Jersey in New Brunswick on September 13.)
PRINCETON, NJ-In preparation for a $17 million renovation of the Hyatt Regency Princeton hotel at 102 Carnegie Center here, Clarion Partners has named Davidson Hotels & Resorts to manage the 347-room property under a franchise agreement with an affiliate of Hyatt Hotels Corp.
The nearly 30-year-old hotel has been renovated over the years. Planning for this renovation will begin immediately. “The renovation we intend to accomplish will touch every aspect of the building, both inside and out, both guest rooms and public areas,” John Belden, Davidson president and CEO, tells GlobeSt.com.
At completion, expected to be in the third quarter of 2012, the hotel will offer over 20,000 square feet of flexible meeting space, including a 10,000-square-foot ballroom and 2,400 square feet of pre-function space.
The Hyatt is part of Carnegie Center, a 500-acre office park close to Princeton’s Downtown and the University. The Hyatt Regency Princeton marks the 10th university-related hotel and the fourth full-service Hyatt hotel for the company. Running a university hotel is a bit different, Belden says. “Often, they’re in smaller markets where the university is the dominant driver,” he observes. Princeton, on the other hand, has a strong technology and pharmaceutical-based economy, as the university and medial uses.
The hotel is the second New Jersey property in Davidson’s portfolio: it took on management of the Marriott Teaneck at Glenpointe in August 2010. “We have two fantastic owners and two fantastic flags,” Belden says. “We’re delighted to grow in New Jersey, and hope to do much more.”
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