"Princeton is an exceptional market with extremely high barriers to entry," points out David Simon, Paramount's CEO. "We've been working on this project with our joint venture partners for more than two years. With so many major corporations located in the region, as well as [Princeton] University, we believe that there will be significant demand for an upscale, extended-stay hotel in this market."
What Carnegie Hotel Development Associates will build here is a 120-suite property that will feature such amenities as high-speed Internet access and meeting facilities. Projected opening of the Residence Inn is the spring of next year.
The new hotel will rise in the middle of Carnegie Center Office Park, a sprawling 450-acre campus that currently holds more than two million sf of office space. It's also adjacent to Market Fair Mall, which has a tenant roster that includes such names as Restoration Hardware, Barnes and Noble, The Gap and Pottery Barn.
"Paramount's expertise in hotel development and operations, and their strong relationship with Marriott, played a role in our decision to partner with them," according to Alan Landis, managing partner of Carnegie Hotel Development Associates. "We are looking forward to expanding our relationship with them on future projects."
Paramount Hotel Group, based in Fairfield, NJ, is a third-party, independent hotel management and ownership group. The company, which was founded just four years ago, currently manages and/or has ownership interests in 25 properties with more than 3,000 rooms, mostly under the Marriott, Hilton and Park Inn brands.
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