Hyatt Place Princeton in West Windsor — Courtesy: The Landis Group
By Joshua Burd
A developer has acquired its second Princeton-area hotel, with plans to reinvest in the property and position it as a key piece of the Carnegie Center business campus.
The firm, the Landis Group, is the original master developer of Carnegie Center and has added to its portfolio with the acquisition of the 122-key Hyatt Place in West Windsor. Terms were not disclosed, but the company said it was an off-market transaction.
“From the moment my father, Alan, set forth to create Carnegie Center, we had the utmost confidence in the Princeton market as one of the country’s premier places to work, shop, live, and stay,” Scott Landis, principal at The Landis Group, said in a prepared statement. “Now, decades later, the center is still flourishing, thanks in no small part to the success of the Hyatt Place. We believe that, along with our Marriott Residence Inn at Carnegie Center, we now own the two top performing hotels in the regional marketplace.”
Both properties sit within 560-acre, mixed-use development along the Route 1 corridor, which includes a mix of 18 single- and multi-occupant Class A office buildings.
The Landis Group said it plans to make “significant capital investments” to Hyatt Place, including renovations to the lobby, front desk and public spaces, along with new equipment in the fitness center. The hotel will also receive a newly painted exterior in addition to upgrades to its guest rooms, meeting and conference facilities and pool, according to a news release.
It will be managed by Paramount Hotel Group, in which The Landis Group is a partner. The firm described Hyatt Place as a “smartly designed, modern hotel concept” by Hyatt.
The acquisition is part of a broader investment strategy in the Princeton market for Landis. That includes Carnegie Center, which features 5.5 million square feet of office space, 1,100 residential units and 600 hotel rooms and draws more than 15,000 employees daily.
The Landis Group also owns over 125 acres of additional land at Carnegie Center, allowing for the future development of about 1.8 million square feet, the news release said.
