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Taconic, HEI Hotels Acquire Hyatt Regency Jersey City
Taconic Capital Advisors LP and HEI Hotels & Resorts have jointly acquired Hyatt Regency Jersey City from affiliates of Hyatt Hotels Corporation and Veris Residential Inc. Although the purchase price wasn’t disclosed, Taconic and HEI said they assumed a $100-million fixed-rate CMBS mortgage with ample remaining term.
The property is a full-service, 351-key hotel situated on a pier extending over the Hudson River in Jersey City. Built in 2002 and subject to some $15 million in upgrades since 2010, the hotel will undergo further enhancements under the new ownership.
“Hyatt Regency Jersey City was a compelling opportunity to acquire a world-class hotel with a strong segmentation mix and a diverse set of revenue contributors,“ said Andrew Lam, a Director in Taconic Capital Advisors’ commercial real estate group. “The highly accretive assumable financing allowed us to continue our thesis for well-located urban, upscale hotels in an otherwise prohibitive financing environment.”
- ◦Sale/Acquisition
