PRINCETON, NJ—The Landis Group acquired the 122-key Hyatt Place here off-market. The hotel is situated within Carnegie Center, a 560-acre mixed-use development located along the Route 1 corridor, for which The Landis Group served as master developer.
“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,” said Scott Landis, principal, The Landis Group. “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.”
The hotel offers free WiFi throughout the building, day-and-night fresh food options and business amenities and meeting rooms. Hyatt Place Princeton also features an indoor pool, fitness center, sundry shop, Starbucks coffee bar and cocktail lounge.
The Landis Group 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 guestrooms, meeting and conference facilities, and pool. It will be managed by Paramount Hotel Group, in which The Landis Group is a partner.
According to the company, The Landis Group’s acquisition of Hyatt Place is part of its broader investment strategy in the Princeton market, including the aforementioned development of Carnegie Center, composed of 5.5 million sq. ft. of office space, 1,100 residential units and 600 hotel rooms. More than 15,000 people work each day at the development, which contains a mix of 18 single- and multi-occupant Class A office buildings, home to a range of commercial, healthcare and hospitality tenants. The Landis Group also owns over 125 acres of additional land at Carnegie Center, allowing for the future development of approximately 1.8 million sq. ft.
The Landis Group also developed the Princeton Marketfair Mall, an upscale shopping destination located on Route 1, which is home to retailers such as Villeroy & Boch, Banana Republic, Williams-Sonoma and Pottery Barn. In addition, Marketfair offers a variety of dining options, including P.F. Changs, Big Fish and Bobby’s Burger Palace.