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.

Government & Public Policy
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.

Hospitality & Tourism
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.

Hospitality & Tourism
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.

Finance & Capital Markets
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.

Hospitality & Tourism
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.

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.