EJC Hotels, a recently formed New York-based hotel/resort property ownership and management group, has revealed its first joint acquisition, the former Newark Garden Finger Lakes Hotel in Newark, NY. Upon completion of the transaction, the hotel ceased operations to begin an approximately $10-million redevelopment of the site to completely reconceive the interior, exterior and identity of the project.
The company is in discussions with major brands to reflag the property. One of the brands being considered is Trademark Collection by Wyndham. In addition, approximately 40 new upscale apartments will be added to the property which will have their own entrance with private elevator access. EJC Hotels is partnering alongside David Eckert, who heads up a group of EB-5 capital investors.
“EJC Hotels already has proven to be a fantastic partner throughout the acquisition process,” Eckert said. “In the short time they have been involved with this potential asset, they have assisted us with bringing this deal to reality. We have identified several other sites and will be working closely with EJC Hotels in the upcoming months on acquiring and converting existing struggling hotels to hybrid hotel/apartments.”
The hotel is located along the Erie Canal in upstate Newark, about 20 miles from Del Lago Casino and 30 miles from Rochester. The renovation will include interior and exterior enhancements, as well as new features such as a rooftop bar overlooking the Erie Canal, a boat offering dinner cruises, an updated event space and other upgrades.
EJC Hotels will manage the hotel under the leadership of founder/CEO Ernie Catanzaro, a 30-plus-year hospitality industry veteran. Most recently, he was EVP with a corporation where he presided over 56 hotels with more than 3,000 employees nationwide.
“We are in a terrific position to set up the Newark, NY, Erie Canal hotel for long-term success,” Catanzaro added. “This hybrid hotel/apartment project gives us a blank canvas to create a unique experience and provide stability from the apartments to assist the hotel in the off-season periods.”