RUTHERFORD, NJ-The Renaissance Meadowlands has new owners. The 167-room hotel has been acquired by a partnership of two companies that are already part of its history: RockBridge Partners and Concord Hospitality Enterprises.
Concord developed the hotel in 2000 and has managed it through two ownership shifts. Rockbridge provided the original mortgage financing, for the first owner.
The companies will launch a $5.25 million renovation to guest rooms and bathrooms, and also public space upgrades and expansion of the fitness center. The redesign of the common spaces will be done to create a Renaissance Great Room within the hotel including the lobby, check-in area, and restaurant. The concept of the great room is to provide “more fluid, organic spaces where individuals and small groups of travelers can enjoy 'relaxing work' and 'social business,'” said Mark Laport, president of Concord.
“The property has an excellent location and, with the planned renovation, we look forward to improving this Renaissance's leadership position in the market,” said Jim Merkel, president and CEO of RockBridge, which manages a total of seven hotels in the region.
Laport said that Concord is also developing two more hotels in northern New Jersey.
“Major metro areas like northern New Jersey typically present significant barriers to entry, but as the industry continues its rebound, the right projects with the right partners increasingly making sense,” Laport said in an announcement of the Rutherford deal.
Renaissance Meadowlands, located at 801 Rutherford Avenue, is situated less than 10 miles from Manhattan and convenient to Newark airport. The hotel has a business center for guests and a fitness center with indoor pool and whirlpool
It is very close to the MetLife Sports Complex, home of the NY Giants and Jets and a major concert venue, as well as the Meadowlands Racetrack. The Prudential Center, the New Jersey Performing Arts Center, Ellis Island and the Liberty Science Center are among the attractions within short distance.
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