PMZ Realty Capital arranges $24M loan for New Jersey Hyatt Place

PMZ Realty Capital, a national boutique real estate investment banking firm, arranged a $23.7-million construction loan for the Hyatt Place Fort Lee in Fort Lee, N.J.

The 168-room property will offer guestrooms equipped with the Hyatt Grand Bed, work desk, refrigerator, coffee maker and in-room safe. The hotel offers complimentary breakfast, and 24-hour Gallery Menu with freshly prepared meals along with bottled beverages and packaged grab-and-go food items.

“Construction financing is getting harder to secure in today’s climate, but not impossible for experienced financially strong owners with substantial projects,” Michael H. Sonnabend, managing member, PMZ Realty Capital, said in a statement. “We were able to leverage our extensive relationships and work with a lender who had not previously funded hotel construction loans in the New Jersey Market.”

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

The property will be located right outside of New York City with access to Yankee Stadium, Meadowlands Sports Complex, Columbia University and more New York City attractions.

Suggested Articles

The management company has retained its Deerfield, Ill., location as a regional office.

Two recent cases address the issue of hotel liability when personnel assist police who have an issue with a guest—here's the lesson for hotels.

Aqua-Aston Hospitality will roll out its new Next Level program of cleaning and service protocols at its 30+ managed hotels and resorts by Aug. 1.