The Landis Group purchases popular 122-room hotel, located within its own master planned 560-acre mixed-use development, in off-market transaction

The Landis Group, a leading real estate development and management firm, today announced the off-market acquisition of Hyatt Place, a 122-key hotel located in Princeton, N.J. The hotel is situated within Carnegie Center, a 560-acre, thriving mixed-use development located along the bustling Route 1 corridor, for which The Landis Group served as master developer.

“From the moment my father, Alan, set forth to create Carnegie Center, we had the utmost confidence in the Princeton market as one of the country’s premier places to work, shop, live, and stay,” said Scott Landis, Principal at The Landis Group. “Now, decades later, the center is still flourishing, thanks in no small part to the success of the Hyatt Place. We believe that, along with our Marriott Residence Inn at Carnegie Center, we now own the two top performing hotels in the regional marketplace.”

Hyatt Place is a smartly designed, modern hotel concept by Hyatt, catering to the 24/7 demands of today’s busy traveler. The hotel provides a decidedly upscale, yet practical experience, offering free Wi-Fi throughout the building, day-and-night fresh food options, and an abundance of business amenities and meeting rooms. Hyatt Place Princeton also features an indoor pool, fitness center, sundry shop, Starbucks coffee bar and cocktail lounge.

The Landis Group plans to make significant capital investments to Hyatt Place, including renovations to the lobby, front desk, and public spaces, along with new equipment in the fitness center. The hotel will also receive a newly painted exterior in addition to upgrades to its guest rooms, meeting and conference facilities, and pool, ensuring that the hotel provides a state-of-the-art environment for years to come. It will be managed by Paramount Hotel Group, in which The Landis Group is a partner.

The Landis Group’s acquisition of Hyatt Place is part of the its broader investment strategy in the Princeton market, including the aforementioned development of Carnegie Center, composed of 5.5 million square feet of office space, 1,100 residential units, and 600 hotel rooms. Over 15,000 people work each day at the award-winning development, which contains a mix of18 single- and multi-occupant Class A office buildings, home to a wide range of prestigious commercial, healthcare, and hospitality tenants. The Landis Group also owns over 125 acres of additional land at Carnegie Center, allowing for the future development of approximately 1.8 million square feet.

The Landis Group also developed the Princeton Marketfair Mall, an upscale shopping destination located on Route 1, which is home to world-class retailers such as Villeroy & Boch, Banana Republic, Williams-Sonoma, and Pottery Barn. In addition, Marketfair offers a variety of dining options, including P.F. Changs, Big Fish, and Bobby’s Burger Palace.

About The Landis Group

The Landis Group, established in 1967, has developed, owned, or operated in excess of 20 million square feet of Class A real estate in the tri-state area. One of their most noteworthy projects is Carnegie Center in Princeton, New Jersey, a 560-acre mixed use development which includes 5.5 million square feet of office space, 1,100 residential units, 600 hotel rooms, as well as the 370,000 square foot Princeton Market Fair Mall. Also in New Jersey, they developed the 1.1-million-square-foot Tower Center Office and 405-room Hilton Hotel at Exit 9 of the NJ Turnpike in East Brunswick.

The Landis Group’s NYC holdings have included 1440 Broadway, a 740,000 square foot office/retail building, 350 Madison Avenue, a 380,000 square foot office building, 1370 Avenue of the Americas, a 340,000 square foot office building, and 386 Park Avenue South, a 225,000 square foot office building. Additionally, in Times Square, they are currently developing a 710-room Pod Hotel. In Connecticut, their holdings have included 400 Atlantic Street, a 500,000 square foot office building, and Pickwick Plaza, a 250,000 square foot three building portfolio. The Landis Group has also owned and operated over 30 hotels in the Northeast, with Marriott and Hilton flags, under their hotel management company.