CONCORD HOSPITALITY ENTERPRISES BEGINS CONSTRUCTION FOR HYATT HOUSE HOTEL

JERSEY CITY, N.J. — Concord Hospitality Enterprises has started construction on Hyatt House hotel located within the Exchange Place district of Jersey City. Located at One Exchange Place, the 13-story, 258-room extended-stay hotel will feature 10,000 square feet of street-level retail space, a rooftop, outdoor lounge and upper-level lobby. The hotel is part of a public/private revitalization effort that will bring 350 construction jobs and 80 permanent and 60 part-time hotel jobs to the area. The development will involve the renovation and expansion of an existing building and the demolition of other abandoned structures to allow for the 10,000-square-foot addition. The project is an adaptive re-use of a 92-year-old bank building and represents an investment of more than $90 million in Jersey City that will produce more than $1.6 million in annual revenue to the city. The hotel is expected to open as early as December 2015.