RUTHERFORD, N.J.—RockBridge Partners, a division of RockBridge, and Concord Hospitality Enterprises announced the acquisition of the 167-room Renaissance Meadowlands in Rutherford, N.J. for an undisclosed amount. Both companies have a history with this asset, with Concord having developed the hotel in 2000 and managed it through two subsequent ownership changes, and RockBridge having provided first mortgage financing for the hotel upon its opening.
The hotel will embark on a $5.25 million major renovation that will include the guestrooms and bathrooms, public space upgrades, expanded fitness center, and the Renaissance Great Room concept which will be a redesign of the common spaces within the hotel like the lobby, check in area, and restaurant.
“The property has an excellent location and, with the planned renovation, we look forward to improving this Renaissance’s leadership position in the market,” said Jim Merkel, president and CEO of RockBridge. “RockBridge and Concord have a long, successful history investing together and we are pleased to have them as our partner.”
The hotel offers amenities including a fitness center, indoor pool and whirlpool, and business center.