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.

Joint venture acquires 101-year-old Divine Riviera Hotel in Newark, in LRES-brokered deal

A local buyer has purchased a historic and culturally significant hotel in Newark’s Central Ward, in a newly announced deal by Logistics Real Estate Services.

Borgata’s Water Club to become MGM Tower under $55 million redesign, rebrand

Borgata Hotel Casino & Spa has kicked off a $55 million redesign and rebranding of the tower long known as The Water Club, with plans to deliver more than 700 renovated guestrooms and a new collection of high-end suites with wraparound views of Atlantic City.

Murphy calls for five-year phaseout of liquor license cap, tax credit for existing holders

Gov. Phil Murphy has revealed new details of a proposal to update the state’s decades-old liquor licensing program, seeking to balance new economic growth with the interests of existing operators.

Veris sells Port Imperial hotels for $97 million, completing exit from hospitality sector

Veris Residential Inc. has completed its exit from the hotel business after selling two Weehawken properties for a combined $97 million, the company announced this week.

Study: Meadowlands convention center, hotel complex would yield $30 billion over 30 years

A new Meadowlands convention center and hotel complex would generate $30 billion in new spending over 30 years, according to a study revealed Friday by supporters of the proposal.

Procida’s 100 Mile Fund achieves 2022 net income of $11.6 million, 9.5 percent return

The long-running 100 Mile Fund managed by Procida Funding LLC achieved net income in 2022 of $11.6 million, the firm announced, representing a net return to investors of 9.5 percent.

Blatstein details $50 million room, common area renovation at Showboat

The owner of Showboat in Atlantic City is detailing plans for a $50 million renovation as construction continues on a massive indoor water park at the iconic Boardwalk property.

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!

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.

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.