Hospitality & Tourism

Whether it’s the proximity to New York City or all of the tourist attractions that New Jersey has to offer, the Garden State’s hospitality industry is booming. Hotels are increasingly becoming part of major redevelopment projects.

Top News
The best of The Briefing 2022

We’re always excited to look ahead to a new year in New Jersey commercial real estate. First, however, please join us in looking back at our top stories of the year, including our most-read items and a few editor’s picks. Happy New Year and best of luck!

Hospitality & Tourism
Veris completes sale of Hyatt Regency Jersey City to Taconic, HEI

Veris Residential Inc. has completed its sale of the Hyatt Regency Jersey City, as the real estate investment trust continues to shed properties outside the luxury apartment sector.

Hospitality & Tourism
Newly renovated Somerset County hotels change hands for $36 million

An investment manager has purchased two Somerset County hotels with a combined 234 rooms, having secured more than $30 million in acquisition financing for the transaction.

Photos
Sanzari named finalist in annual New Jersey Family Business of the Year Awards

Alfred Sanzari Enterprises and other top family-owned firms in New Jersey took center stage last month as part of an annual program hosted by Fairleigh Dickinson University.

Residential & Mixed Use
Atlantic City: Blatstein pitches $3 billion housing, commercial project at Bader Field site

Bart Blatstein, the owner of the Showboat Atlantic City, is pitching a new $3 billion plan that would bring 10,000 residential units, 400,000 square feet of commercial space and vast stretches of open space to the long-vacant Bader Field site in the city.

Residential & Mixed Use
Connell details plans for new residential, retail phases at landmark Berkeley Heights campus

The Connell Co. has unveiled new details of a plan to transform its flagship business park in Berkeley Heights, having secured approvals to add more than 300 apartments and a sprawling entertainment, dining and retail space across five new buildings.

Finance & Capital Markets
JLL: Buyer sought for Meadowlands hotel site with multifamily redevelopment prospects

The site of the Hilton Meadowlands Hotel and its parking lot in East Rutherford is on the market for sale, in an offering that could yield two multifamily redevelopment opportunities.

Residential & Mixed Use
Developers break ground on 40-unit rental project next to upscale Montclair hotel

The developers of the upscale MC Hotel in Montclair have broken ground on a new 40-unit apartment building that will rise adjacent to the downtown property.

Hospitality & Tourism
TFE sells Toms River hotel amid several recent deals

TFE Properties has sold a hotel in Toms River after more than three decades, citing interest from buyers seeking to convert part of the property to commercial space.

Finance & Capital Markets
GreenLake Funds $23 million hotel redevelopment loan in Wildwood Crest

The owner of a 108-room hotel in Wildwood Crest has landed nearly $23 million in financing for a sweeping renovation of the oceanfront property.