RockBridge, Concord Acquire NJ Renaissance
Monday February 11th, 2013 - 10:23AM HOG
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RUTHERFORD, NJ—RockBridge Partners, a division of RockBridge, and Concord Hospitality Enterprises acquired the 167-room Renaissance Meadowlands Hotel here for an undisclosed amount.
Concord developed the hotel in 2000 and managed it through two subsequent ownership changes; RockBridge provided first mortgage financing for the hotel upon its opening.
The hotel will embark on a $5.25 million renovation that will include guestrooms and bathrooms, public space upgrades, expanded fitness center and the Renaissance Great Room concept—a redesign of the common spaces within the hotel such as the lobby, check-in area and restaurant.
Less than 10 miles from Manhattan, the Renaissance Meadowlands Hotel offers access to the MetLife Sports Complex, home of the NY Giants and Jets and a major concert venue, as well as the Meadowlands Racetrack, the Prudential Center, the New Jersey Performing Arts Center, Ellis Island and the Liberty Science Center. Public transportation to Manhattan is within walking distance.
Tags: • Hospitality • Construction/Renovation • Ownership • Management Companies •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.