The Landis Group has announced the off-market acquisition of Hyatt Place, a 122 room hotel located in Princeton, N.J. The property is located within the Carnegie Center, a 560-acre, mixed-use development located along the Route 1 corridor. The Landis Group, which served as master developer of the mixed use scheme, 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 property 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 its development of the Carnegie Center which is composed of 5.5 million sqf of office space, 1,100 residential units, and 600 hotel rooms. Over 15,000 people work each day at the development, which contains a mix of 18 single- and multi-occupant Class A office buildings. 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.
