Wednesday, May 7, 2014

Marriott Jetting In for LaGuardia Airport Redevelopment

LaGuardia Airport, Manhattan's closest airport and one often ridiculed for its lack of amenities and overall appearance is on the verge of a huge $3.6-billion renovation, which will include a new Central Terminal. News of the seven-year project is now drawing in hotel investors and developers. 

Marx Development recently acquired a development site near the airport where they plan to build a $40-million hotel.

The site at 112-24 Astoria Boulevard in East Elmhurst will house a new AC Hotel by Marriott and have 126-rooms.

David Marx purchased the 16,141 square foot lot for $5.5 million, securing a $3.75 million loan with Maxim Capital to finance the purchase.

The prolific builder intends to source a bigger construction loan for the project by the end of the year.

“We see the LaGuardia market as under served, especially in terms of there being really no new-construction hotels there that are up to par with the needs of the modern traveler,” said Marx.

“That coupled with the huge investment that’s being put into LaGuardia … this development has all the right ingredients for us.”

The new 126-room AC Hotel by Marriott is planned to open in early 2016.

Meanwhile, preparatory work for the LaGuardia Airport makeover is expected to commence later this year.

That plan, in the process of being arranged by private financiers, aims to rebuild the main terminal by 2021, dramatically upgrading a facility that Vice President Joseph Biden compared to an airport facility in a third world country last year.

"Our project coordinates with the airport improvement," Marx said. "The timing definitely works out."

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