Concord Hospitality Enterprises and Jersey City Mayor Steven Fulop began construction on a 258-room Hyatt House hotel in the Exchange Place district of Jersey City, part of a public/private revitalization effort that will bring 350 construction jobs, and 80 permanent and 60 part time hotel jobs to New York’s Hudson River neighbor. The project, an adaptive re-use of a 92-year old bank building into Jersey City’s first Hyatt House hotel, represents an investment of more than $90 million in Jersey City that will produce more than $1.6 million in annual revenue to the city.
The 13-story, residentially inspired, extended-stay hotel, located at One Exchange Place, will feature 10,000 square feet of street-level retail space, as well as a roof top, outdoor lounge and upper-level “jump” lobby. The project will involve the renovation and expansion of an existing building (originally, the First National Bank of Jersey City) and the demolition of other abandoned structures to make way for a 10,000-square-foot addition. Jersey City is the state’s second largest city, and the new Hyatt House hotel will be the city’s sixth hotel and second Hyatt property.
“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 Mayor Fulop. “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. Today, with the signing of a support beam, Concord and Hyatt become part of the very foundation of Jersey City’s thriving economic redevelopment.”
“Thanks to the efforts of Mayor Fulop, the City Council and the Jersey City Economic Development Corporation, Jersey City has become a very attractive business alternative to Manhattan,” said Mark Laport, president and CEO of Concord Hospitality. “We are eager to get started revitalizing this long-neglected site and turning it into an asset that will benefit the residents, as well as the business community.”
According to Laport, the hotel could open as early as December 2015.
“Concord Hospitality is one of the lodging industry’s most respected owners and developers, and we are delighted to expand our relationship with them to continue the growth of Hyatt’s select service brands in North America,” said B. Anthony Isaac, head of select strategy and development for Hyatt. “Through the support of Mayor Fulop, City Council and the Jersey City Economic Corporation, the revitalization of this city allows Hyatt to reinforce its commitment to Jersey City by joining Hyatt Regency Jersey City, which has been part of the community since 2002. The development of this hotel is an industry indicator of business and tourism growth, and as Jersey City continues to grow and thrive economically, we are excited to add to the momentum by introducing the first Hyatt House hotel to the city.”
“This project falls right in our sweet spot,” said Laport. “Historically, we have chosen opportunities where there are solid infrastructures and high concentrations of medical, educational, banking or technology concerns. The Hyatt House hotel in Jersey City will be built in the midst of a solid and growing financial center and served by a major transportation hub that puts nearly five million people annually at our doorstep. I have every confidence that the Hyatt House brand in this part of the city will be very well received.”
Using public transportation, the hotel will be just 12-minutes from the World Trade Center and Newark’s Penn Station, making it a prime overflow destination when Manhattan hotels are running at peak occupancy.Related Articles: