2 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal
Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Mid Atlantic R EAL E STATE J OURNAL ~ Published Bi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 1 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
They wrote the policy.
We make sure they write the check.
By Miles Berger NYC Tourism Industry Boosts Newark Hotel Market
M. MILLER & SON Public Adjusters Since 1960
T
he Newark, NJ hotel industry is thriving heading into 2012.
While the continued evolution of the city’s entertainment, cultural and corporate draws can be credited in part for the strong performance, the real catalyst can be found in NYC’s burgeoning tourism industry. According to a January 2011 press release from the office of NYC Mayor Michael Bloom- berg, in 2010: 48.7 million people visited NYC, up 6.8% from 2009. 39 million of these visitors were from the U.S. and 9.7 million from abroad—both records. The hospitality industry added 6,600 jobs across all in- dustry sub-sectors; the industry employs the most people in summer, and July 2010 set an all-time record for total jobs with 323,200. 25.7 million room nights were sold, a new record, ex- ceeding the previous high by 2 million room nights. Average daily room rates
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
rose to $330 in December 2010, an 8.9% increase over 2009. The mayor recently an- nounced that the city’s hotel inventory will reach 90,000 rooms by the end of 2011. This record number represents a 24% increase over the past five years. More than 7,000 additional rooms are in the pipeline. These numbers all translate to an overall upward trend for NYC’s $31 billion tourism industry, according to a re- cent press release from Mayor Bloomberg’s office. It reads: “The City is on track to reach a record number of visitors this year…occupancy remained at close to 85%, the highest in the
continued on page 4 What does this have to do with Newark? Simply put, New Jersey’s largest city is an outstanding cost alternative to Manhattan. Guests staying at four- and five-star hotels in Newark pay about half of what they would to stay in NYC. Yet they can still get there quickly and easily via an outstanding public transportation network. Newark Penn Station offers 15 minute transit to Manhat- tan with trains running 24/7. Newark’s strong transit infra- structure also includes a Light nation.” In short, the city is on pace to meet its goal of attract- ing 50 million annual visitors by 2012.
Recent Financings Arranged By Meridian Capital Group
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
Contact: NEIL A. STEIN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0! Kaplin Stewart A t t o r n e y s a t L aw 2EAL ESTATE LAW FROM THE GROUND UP Experience Counts. Count On Us.
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