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Located at the Entrance to the Holland Tunnel in Jersey City, NJ for $6.5 million |
October 11, 2002 - Holland Hotel LLC, a New
Jersey partnership consisting of Kushner Companies of Florham Park; The
Berger Organization of Newark; and Joseph Lifschutz, has acquired a 150-room
hotel located at the entrance to the Holland Tunnel in Jersey City, New
Jersey. The new owners acquired the former Quality Inn from Hudson Hotels
for a purchase price of $6.5 million. The property, which originally opened
in 1965 as a Holiday Inn, has been closed for nearly three years as a result
of a fire.
The partnership plans to establish first-class accommodations and amenities
targeted for today�s business and destination traveler. The property is
located at 180 12th Street, directly at the tunnel entrance, less than
five minutes from New York City. Situated on the entire block from 12th
to 13th Streets, the hotel is visible from both inbound and outbound traffic
lanes.
�The property�s strategic location offers immediate access to New York City by ferry, car and public transportation,� added Miles Berger, chairman of The Berger Organization. �It is also convenient to Newark International Airport and just two blocks from the Newport Center Path Station, offering the potential to attract Manhattan tourists and area business travelers. As a result of this proximity, we are in discussions with a number of hotel flags and franchises that have expressed interest in operating the facility.� Kushner Companies currently owns and manages more than 24,000 apartment units. The company also manages more than three million square feet of office, industrial and retail space, with total ownership interests in more than six million square feet of commercial real estate. Properties are located in New Jersey, New York, Connecticut, Pennsylvania, Maryland, Delaware, Massachusetts and Florida. In addition, the construction division, Westminster Communities, develops hundreds of homes annually, primarily in New Jersey and New York, with some 40 projects in various stages of approval and development. These range from single-family luxury homes to active adult communities, to large mixed-use urban redevelopment projects, hotels and apartment complexes. The firm, which has been recognized consistently for both its professional and civic activities, has nearly 50 years of development experience, with in-house capabilities to handle all real estate activities. This includes site selection, planning, development and acquisitions, as well as construction, financing, insurance, leasing, sales, marketing and ongoing property management. Kushner Companies also has affiliated businesses involved in banking, insurance, hospitality, real estate brokerage and technology. |
Kushner Companies 26 Columbia Turnpike Florham Park, New Jersey |
Also See: | Kushner Companies Spending $25 million to Gut Former Travelodge Hotel in Livingston, NJ; To Reopen as The Westminster Hotel / Sept 2002 |