Sale of hotel along Hudson River in Jersey City closes
JLL’s Hotels & Hospitality Group closed the sale of the river-front Hyatt Regency Jersey City
NEW YORK, Dec. 13, 2022 – 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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Veris Residential, Inc.
Veris Residential, Inc. is a forward-thinking, environmentally and socially conscious real estate investment trust (REIT) that primarily owns, operates, acquires and develops holistically inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. For additional information on Veris Residential, Inc., please visit verisresidential.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of September 30, 2022, the Company’s portfolio included more than 1,200 hotels and all-inclusive properties in 72 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Residence Club®, Hyatt Place®, Hyatt House®, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Hyatt Centric®, and Caption by Hyatt; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt™, and JdV by Hyatt™; and the Inclusive Collection, including Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Vivid Hotels & Resorts®, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit hyatt.com.
About Taconic Capital Advisors LP
Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The company has roughly $7 billion of total assets under management with offices in New York and London and more than 100 employees worldwide.
Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 175 distinct transactions.
About HEI Hotels & Resorts
Founded in 1985, HEI Hotels & Resorts is one of the nation’s leading privately held hotel investment and third-party management companies. For more information, please visit heihotels.com.