NJ Partnership Acquires the Former Quality Inn Located at the Entrance to the Holland Tunnel in Jersey City, NJ for $6.5 million
Left to right are Miles Berger, chairman of The Berger Organization; Charles Ramat, president and chief executive officer of Kushner Companies; and Bruce Berger, vice president of The Berger Organization
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 hotel will be renovated with new designs and amenities throughout,” said Charles S. Ramat, president and chief executive officer of Kushner Companies, which has collaborated with these partners on past projects. Each company has extensive experience in the real estate and hotel industries. Kushner Companies, one of the region’s fastest growing private diversified real estate organizations, is currently developing the Westminster Hotel in Livingston on Route 10; The Berger Organization owns and operates The Robert Treat Hotel in Newark and the Ramada Inn located on Tonnele Avenue in Jersey City near Journal Square; and Lifschutz owns and manages a portfolio of hotels including The Ramada Renaissance in Edison, New Jersey.
“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.