Monday January 6th, 2014 - 9:09AM
TRENTON, NJ—Welcome Hotel Group, LLC, a subsidiary of Edison Broadcasting, acquired the 197-room Lafayette Yard Hotel & Conference Center here from Lafayette Yards Community Development Corp.
The company paid $6 million for the bankrupt hotel as the winning bidder at a public auction.
“To make sure that we match the best brand for downtown Trenton’s only upscale hotel, we are reviewing all of our options with the major first-class hotel franchise brands,” stated Mike Marshall, president/CEO of Marshall Hotels & Resorts, operators of the hotel. “The hotel has great bones and fundamentally is in very good shape. However, it will need investment to conform to the standards of the future brand. The hotel will remain open during the selection and renovation, which we expect to take three to six months.
“New ownership brings new energy and investment, which will have a positive impact on this property,” Marshall noted. “Now that the bankruptcy is in the past and ownership is settled, potential brands and guests will have greater confidence in the long-term viability of the Lafayette Yard. Because the hotel is privately held, we can be more entrepreneurial and creative in our marketing and operations.”
Marshall said that his management company, which has been operating the property since May, is undertaking a thorough analysis of the hotel.
Located at 1 W. Lafayette St. in downtown Trenton, the Lafayette Yard Hotel & Conference Center is near the U.S. Federal Court, New Jersey state government offices and both the New Jersey State Supreme Court and the Mercer County Court. The hotel is near Arm & Hammer Park (home of the Trenton Thunder), the Sun National Bank Center, Six Flags Great Adventure and Sesame Place. With 11,000 sq. ft. of meeting space, the hotel caters to both business meetings and social functions.