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Mack-Cali (CLI) Commences Port Imperial Hotel Project

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Roseland, a subsidiary of New Jersey-based Mack-Cali Realty Corp.CLI , has commenced building "dual branded Marriot hotels" at Port Imperial, a mixed-use waterfront development property. Notably, a 210-key Renaissance hotel and a 154-key Residence Inn will be built over an 850-space Port Imperial parking garage, which is adjacent to the New York Waterway Port Imperial ferry terminal.

The property will be divided into two separate entities, each hotel having a separate ground-level entry and lobby. However, a connector on the sixth floor will enable guests to enjoy the shared amenities offered in a 15,000-square foot sky lobby. Additionally, the complex will provide a meeting space with a capacity accommodating 450 people.

While Renaissance will function as a full-service hotel, Residence Inn will cater to extended-stay guests. Further, an intermodal transportation system, inlcuding a ferry service to Manhattan and a Hudson-Bergen Light Rail station, will offer guests easy conveyance.

Notably, the project plan was initiated in Nov 2013, and construction was expected to be completed within the fall of 2015. However, having commenced now, the project will likely be completed by 2017.

Further, Roseland, along with its partner XSS Hotels, has secured $94 million in financing with a syndicated construction loan provided by Fifth Third Bank, Santandar and Investors Savings Bank.

The project is consistent with Mack-Cali's strategic plan to focus on "high-end waterfront and transit-oriented properties". Further, upon completion, the project is estimated to create over 100 permanent jobs in Weehawken, thereby benefiting the local economy.

Mack-Cali currently sports a Zacks Rank #1 (Strong Buy).

Investors interested in the REIT space can also consider Extra Space Storage Inc. EXR , which sports the same Zacks Rank as Mack-Cali; as well as Apple Hospitality REIT, Inc. APLE and City Office Reit, Inc. CIO , both holding a Zacks Rank #2 (Buy).

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MACK CALI CORP (CLI): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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