This historic hotel first opened in 1920, and was acquired by the Berger Organization in 1985. With the significant renaissance Newark is currently experiencing, the Berger Organization wanted to redevelop the property as a 100 room select-service TRYP by Wyndham Hotels. TRYP is a new brand for Wyndham in North America and this property would be the brand’s second hotel to open in the region.
Located in downtown Newark, the TRYP is proximate to the new Panasonic and Prudential headquarters buildings, and is within easy walking distance of the City’s other large employers, including major education and health care institutions. The City’s Light Rail network and Newark Penn Station are also within a short walk, providing sustainable connections to New York City, Newark International Airport and the region. Given it’s excellent location near Military Park, the Hotel can potentially capture lodging demand from the Newark, Jersey City, and Manhattan lodging markets.
RESGroup completed the market and financial analysis to determine project feasibility, identified the financial “gap”, and determined the type and amount of public incentives needed to allow the project to move forward. A combination of real estate tax incentives, low-cost loans, and a grant were required to complement the privately-held equity and debt to make the project work. RESGroup assisted the developer in obtaining these incentives, helped forge public/private partnerships with the NJEDA and the City of Newark who provided them, and participated in the incentive application process. The TRYP hotel opened in 2018, bringing more jobs and visitors to downtown Newark, and reactivating a key property in the Military Park area.
