The Berger Organization
Market Study and Financial Gap Analysis – Newark, NJ
The Berger Organization owns the former Carlton Hotel in downtown Newark near Military Park, and is redeveloping the building as a select-service TRYP by Wyndham hotel. The TRYP will have 102 guest rooms, a small restaurant/lounge, fitness room and multi-purpose rooms that can be used for small meetings.
TRYP is one of Wyndham’s newest brands, and caters to business and leisure travelers visiting cosmopolitan urban locations. In addition to standard guest rooms, TRYP hotels offer several specialty guest room types including a Family Room with bunk beds and a Fitness Room complete with exercise equipment and a complimentary fitness kit to better appeal to specific types of travelers. Specialty guest rooms at these hotels typically achieve higher average rate and length of stay premiums over standard guest room types.
RESGroup completed a market study, estimated cash flows for the proposed TRYP, and assisted in obtaining financial incentives from the State of New Jersey and the City of Newark to allow the developer to receive a fair market return. Incentives were approved in July 2015 and the hotel is expected to open in 2017.