Already a Bloomberg.com user?
Sign in with the same account.
Feb. 2 (Bloomberg) -- Marriott International Inc., the largest publicly traded U.S. lodging chain, plans to open a Courtyard property at Newark, New Jersey’s Prudential Center, the first new hotel in the city’s downtown in four decades.
Tucker Development Corp., a closely held company based in Highland Park, Illinois, is spending $25 million to $50 million to build the mixed-use property, Chief Executive Officer Richard Tucker said in an interview, declining to give a more specific amount. A ceremony to mark the completion of the development’s structure is being held today, and construction is scheduled to be finished by September, he said.
The Courtyard, to be operated by Marriott International, will be one of three chain hotels in downtown Newark, joining Best Western International Inc.’s Robert Treat, and a Hilton, which was the last new lodging property built in the city’s core. It was developed in 1971, Tucker said.
“We looked at both hotels, which run at a very high occupancy rate,” said Tucker, whose development will have 14,000 square feet (1,300 square meters) of ground-floor retail space and a restaurant. “The new property is adjacent to the Prudential Center, which is great. Combine that with a 50,000- people business district and six major universities, you have a great location.”
The Prudential Center, which hosts about 200 sporting, concert and other events annually, is home to the National Hockey League’s New Jersey Devils and the National Basketball Association’s New Jersey Nets. The new building will be Tucker Development’s third property in the state.
Corporate travelers helped boost demand for Marriott’s hotels in the U.S., especially the upscale Courtyard and Springhill Suites brands, Patrick Scholes, an analyst at FBR Capital Markets Corp. said in October after the Bethesda, Maryland-based company released third-quarter results.
--Editors: Daniel Taub, Larry Edelman
To contact the reporter on this story: Nadja Brandt in Los Angeles at firstname.lastname@example.org
To contact the editor responsible for this story: Daniel Taub at email@example.com