RockBridge Partners, a division of RockBridge, and Concord Hospitality Enterprises, one of the top-ranked hotel developer/owner/operators in North America, today announced the acquisition of the 167-room Renaissance Meadowlands in Rutherford, N.J. for an undisclosed amount. Both companies have a history with this asset, with Concord having developed the hotel in 2000 and managed it through two subsequent ownership changes, and RockBridge having provided first mortgage financing for the hotel upon its opening.
The hotel will embark on a $5.25 million major renovation that will include the guest rooms and bathrooms, public space upgrades, expanded fitness center, and the Renaissance Great Room concept which will be a redesign of the common spaces within the hotel like the lobby, check in area, and restaurant. The concept of the great room will be to create “more fluid, organic spaces where individuals and small groups of travelers can enjoy “relaxing work” and “social business.”
“The property has an excellent location and, with the planned renovation, we look forward to improving this Renaissance’s leadership position in the market,” said Jim Merkel, President and CEO of RockBridge. “RockBridge and Concord have a long, successful history investing together and we are pleased to have them as our partner.”
“This transaction represents Concord’s continued confidence in the north Jersey market,” said Mark Laport, President of Concord. “We currently are developing two other hotels in Northern New Jersey in addition to the 7 that Concord has in its current managed portfolio. Major metro areas like northern New Jersey typically present significant barriers to entry, but as the industry continues its rebound, the right projects with the right partners increasingly making sense. RockBridge has been a trusted, valued partner in several ventures over the past 10 years, and I am certain that this asset will be a strong addition to both of our portfolios.”
Less than 10 miles from Manhattan and convenient to Newark, LaGuardia and JFK airports, the Renaissance Meadowlands Hotel is a prime location for business travelers, as well as tourists taking in the vibrant sporting and cultural attractions in the area. The hotel offers easy 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, and the hotel is located near I-95, the NJ Turnpike and the Garden State Parkway.
Located at 801 Rutherford Ave. in Rutherford, N.J., the Renaissance Meadowlands Hotel offers 167 rooms and suites and three concierge levels. A fitness center, indoor pool and whirlpool provide opportunities for exercise and relaxation, while business travelers easily can handle the day’s duties from the hotel’s business center. CK’s Steakhouse, a recipient of Wine Spectator’s Award of Excellence, is open daily for breakfast, lunch and dinner and serves afternoon tea on Sundays from 2 – 4 p.m.
RockBridge is an integrated hotel investment firm that has executed on over 300 hotel investments in the U.S. over the past two decades. Since 1992, RockBridge’s team has invested nearly $3 billion in the hospitality industry as part of approximately $5 billion of total transaction capitalization. The principals of RockBridge have formed and managed nine hospitality-focused debt and equity investment funds across multiple platforms with predominantly institutional investors. For additional information about RockBridge, visit www.rockbridgecapital.com
About Concord Hospitality
Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh, N.C., manages 90 upscale select-service and full-service hotels offering more than 12,000 guest rooms in 24 states and two Canadian provinces. The company operates hotels and resorts under such well-known industry elite brands as Marriott, Hilton, Hyatt, Starwood, and Choice Hotels, as well as select independent boutique hotels. Formed in 1985, Concord is routinely listed among the nation’s top management companies and recently won some of the industry’s top honors from Marriott International and Hyatt. Concord properties are some of the most awarded hotels in the country, having won nearly 100 top honors in the past two years.