JERSEY CITY, NJ—Executives from North Carolina-based Concord Hospitality Enterprises and Jersey City Mayor Steven Fulop ceremonially autographed an 800-lb. support beam to start construction on a 258-room Hyatt House hotel in the Exchange Place district of Jersey City.
It's part of a public/private revitalization effort that will bring 350 construction jobs, and 80 permanent and 60 part time hotel jobs to the Hudson County market. The project will transform a 92-year old bank building into Jersey City's first Hyatt House hotel.
The expected $90 million will generate some $1.6 million in annual revenue to the city.
The 13-story, residentially inspired, extended-stay hotel, located at One Exchange Place, will feature 10,000 square-feet of street-level retail space, as well as a roof-top, outdoor lounge and upper-level "jump" lobby.
The project will involve demolition of abandoned structures to make way for a 10,000 square-foot addition. The new Hyatt House hotel will be Jersey City's sixth hotel and second Hyatt property.
“Jersey City continues to attract the interest of prominent international brands, such as Hyatt, and well respected developers like Concord Hospitality who are willing to make substantial investments in our community,” says Mayor Fulop. “It is a testament to our location as a destination, the quality of our workforce, and our City's commitment to grow our tax base by attracting new business.”
“Thanks to the efforts of Mayor Fulop, the City Council and the Jersey City Economic Development Corporation, Jersey City has become a very attractive business alternative to Manhattan,” says Mark Laport, president and CEO of Concord Hospitality. “We are eager to get started revitalizing this long-neglected site and turning it into an asset that will benefit the residents, as well as the business community.”
The hotel could open as early as December 2015, says Laport.
“Concord Hospitality is one of the lodging industry's most respected owners and developers, and we are delighted to expand our relationship with them to continue the growth of Hyatt's select service brands in North America,” says B. Anthony Isaac, head of select strategy and development for Hyatt. “Through the support of Mayor Fulop, City Council and the Jersey City Economic Corporation, the revitalization of this city allows Hyatt to reinforce its commitment to Jersey City by joining Hyatt Regency Jersey City, which has been part of the community since 2002. The development of this hotel is an industry indicator of business and tourism growth, and as Jersey City continues to grow and thrive economically, we are excited to add to the momentum by introducing the first Hyatt House hotel to the city.”
Using public transportation, the hotel will be just 12-minutes from the World Trade Center and Newark's Penn Station, making it a prime overflow destination when Manhattan hotels are running at peak occupancy.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
