JLL’s Hotels & Hospitality Group announced that it has closed the sale of Hyatt Regency Jersey City, a 351-key full-service hotel along the Hudson River in Jersey City, New Jersey.
JLL represented the seller, a joint venture between affiliates of Veris Residential, Inc. and Hyatt Hotels Corporation. A joint venture between affiliates of Taconic Capital Advisors LP and HEI Hotels & Resorts acquired the hotel.
Constructed in 2002 and renovated in stages between 2010 and 2015, the hotel offers a mix of traditional guest rooms and suites with views of the Hudson River and the city. Hyatt Regency Jersey City amenities include a 24-hour Stayfit gym, business center, heated indoor pool and more than 20,000 square feet of flexible meeting and conference space.
Located adjacent to the Exchange Place PATH station and the Harborside Ferry Terminal, the hotel offers a range of convenient transportation options and direct access to Manhattan. As a result of this location, Hyatt Regency Jersey City is a direct beneficiary of the region’s rapidly expanding corporate base, including a multitude of Fortune 500 companies. In addition to business travel, the hotel benefits from its proximity to tourist attractions, including the Statue of Liberty, Ellis Island and Lower Manhattan, as well as recent migration trends from New York City.
The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director Jeff Davis and Executive Vice President Stephany Chen with local market support from Senior Managing Director Jose Cruz.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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