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The 20-story tower will carry the Mr. C hospitality brand, which has focused on hotels.

The company has also closed the sale of its economy lodging portfolio for $215.5 million.

The $19.5-million project will total 17,750 square feet above the hospital's emergency department and will combine heart and vascular services on one floor to address the growing number of procedures performed at the medical center, hospital officials state.

The deal marks Aspen Real Estate's seventh acquisition in Monmouth County. It is also the firm's largest acquisition and Aspen's second large purchase in under 10 months.

Investment strategies for 2020 range from selling overpriced industrial assets to taking a full accounting of the top CRE risks.

"We also see pop-up stores becoming a more permanent fixture in retailers' and landlords' strategies to meet shoppers' expectations for new and exciting products."

Activities range from a golf tournament to a closed door session for top executives to talk about the issues trending in the space.

The 128-room hotel Hyatt House is anticipated to open in Midtown in 2021 and the project developer is Roger Hume, founder of Hume Development Inc.