News: Brokerage

Prestige Hospitality awarded management contract for Carteret, New Jersey hotel

Prestige Hospitality Group has been awarded the operations and management contract for the Radisson Hotel. Under this new assignment, Prestige Hospitality Group (PHG) will be responsible for daily hotel operations, capital improvements, marketing and business development at the 117 room full-service hotel. "This is a superior hotel located within the largest metropolitan area of the country," said Justin Smith, President and COO of Prestige Hospitality Group. "This is an exciting opportunity for Prestige Hospitality Group to expand our presence in the New York City metropolitan area." The Radisson Hotel is located in Carteret, New Jersey, within close proximity to Newark Liberty International Airport. Hotel amenities include a business center, fitness center, and complimentary shuttle service to the airport and surrounding mass transit stations. The hotel features 3,700 s/f of meeting space accommodating up to 200 guests and a full-service restaurant and lounge. Headquartered in Albany, New York, Prestige Hospitality Group owns, develops and manages hotels and hospitality properties throughout the northeast. PHG provides operational, financial and strategic management services for a mixed portfolio of franchised and independent, select and full service hotels. Prestige Hospitality Group can be found on the web at www.prestigehg.com.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.