JERSEY CITY, NJ—Executives from NorthCarolina-based Concord Hospitality Enterprises andJersey City Mayor Steven Fulop ceremoniallyautographed an 800-lb. support beam to start construction on a258-room Hyatt House hotel in the Exchange Placedistrict of Jersey City.

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It's part of a public/private revitalization effort that willbring 350 construction jobs, and 80 permanent and 60 part timehotel jobs to the Hudson County market. The project willtransform a 92-year old bank building into Jersey City's firstHyatt House hotel.

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The expected $90 million will generate some $1.6 million inannual revenue to the city.

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The 13-story, residentially inspired, extended-stay hotel,located at One Exchange Place, will feature 10,000square-feet of street-level retail space, as well as a roof-top,outdoor lounge and upper-level "jump" lobby.

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The project will involve demolition of abandoned structures tomake way for a 10,000 square-foot addition. The newHyatt House hotel will be Jersey City's sixthhotel and second Hyatt property.

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“Jersey City continues to attract the interest of prominentinternational brands, such as Hyatt, and wellrespected developers like Concord Hospitality whoare willing to make substantial investments in our community,” saysMayor Fulop. “It is a testament to ourlocation as a destination, the quality of our workforce, and ourCity's commitment to grow our tax base by attracting newbusiness.”

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“Thanks to the efforts of Mayor Fulop, the CityCouncil and the Jersey City Economic Development Corporation,Jersey City has become a very attractive business alternative toManhattan,” says Mark Laport, president and CEO ofConcord Hospitality. “We are eager toget started revitalizing this long-neglected site and turning itinto an asset that will benefit the residents, as well as thebusiness community.”

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The hotel could open as early as December 2015, saysLaport.

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Concord Hospitality is one of the lodgingindustry's most respected owners and developers, and we aredelighted to expand our relationship with them to continue thegrowth of Hyatt's select service brands in North America,” saysB. Anthony Isaac, head of select strategy anddevelopment for Hyatt. “Through the support ofMayor Fulop, City Council and the Jersey CityEconomic Corporation, the revitalization of this city allowsHyatt to reinforce its commitment to Jersey Cityby joining Hyatt Regency Jersey City, which hasbeen part of the community since 2002. The development of thishotel is an industry indicator of business and tourism growth, andas Jersey City continues to grow and thrive economically, we areexcited to add to the momentum by introducing the firstHyatt House hotel to the city.”

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Using public transportation, the hotel will be just 12-minutesfrom the World Trade Center and Newark's Penn Station, making it aprime overflow destination when Manhattan hotels are running atpeak occupancy.

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].