Concord Hospitality Plans Hyatt House Hotel for Jersey City
- Aug 13, 2014
By Keith Loria, Contributing Editor
Concord Hospitality Enterprises is developing a 258-room Hyatt House hotel in the Exchange Place district of Jersey City, N.J., at a total cost of $90 million.
“We have a track record of successful redevelopment projects with historical buildings located in the heart of a city that are a significant piece to a community’s rejuvenation efforts,” Mark Laport, Concord Hospitality’s president & CEO, told Commercial Property Executive. “Courtyard Penn Avenue in Pittsburgh and our Residence Inn in downtown Columbus in the historic Buckeye Bank Building are just two of them.”
The development will bring 350 construction jobs and 80 permanent and 60 part-time hotel jobs to New York’s Hudson River neighbor, expected to produce more than $1.6 million in annual revenue for the city.
“This is a very exciting market and a great location along the river, across from the new Freedom Tower,” Laport said. “Today, Jersey City only has six hotels, and because of its proximity to Manhattan, often the hotels are filled to capacity, sending tourists and clients to other locations. With Mayor (Steve) Fulop’s commitment to job creation and generating new revenue for the city within its current infrastructure, it became clear this was the perfect combination for our company to develop a hotel in Jersey City.”
The new Hyatt House hotel will be the city’s sixth hotel and second Hyatt property.
Located at 1 Exchange Place, the 13-story, residentially inspired extended-stay hotel is an adaptive reuse of a 92-year-old building, which was originally the First National Bank of Jersey City.
The hotel will feature 10,000 square feet of street-level retail space, a rooftop outdoor lounge, and an upper-level lobby.
“That 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 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,” said Jersey City Mayor Fulop in a release. “Concord Hospitality is taking great care to transform the state’s oldest bank building into a new hotel, which speaks to their thoughtful and respectful approach to the projects they undertake.”
The hotel is close to public transportation and is just 12-minutes from the World Trade Center and Newark’s Penn Station. Concord has developed several Hyatt House hotels in the past 24 months that have ramped up very successfully, including Hyatt House South Side in Pittsburgh and Hyatt House North Hills in its hometown of Raleigh.
“There not only was a need for more hotels in the Jersey City market but the city also lacked an upscale extended-stay brand,” Laport said. “That made it easy to work with our partners at Hyatt and brand this hotel a Hyatt House.”
The hotel is expected to open in December 2015.