ROCKVILLE, Md., Jan. 21, 2016 — Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest hotel companies, announced it has signed an agreement with franchise partner City Sunstone Properties to develop a new Cambria hotel & suites in Morristown, New Jersey. The 120-room Cambria property will be located one-half block away from Morristown Green at 19 Market Street and is expected to open in July 2017.
"The Cambria hotels & suites brand had a strong year in 2015, with numerous openings, ground breakings and new property signings to key markets across the country, and we're thrilled to continue that momentum by bringing the brand to business and leisure travelers visiting Morristown," said Michael Murphy, senior vice president, Upscale Brands, Choice Hotels International.
City Sunstone Properties (CSP) is a commercial real estate investment and development firm based in New Jersey and Las Vegas. CSP is one of the largest owners of community based shopping centers and office buildings in Las Vegas, with significant holdings in both Las Vegas and Reno, Nevada; Arizona; and New Jersey. The Morristown Cambria development is consistent with CSP's "value add" strategy of developing high use projects on extremely attractive development sites in regions with growth and strong demographics.
"There are numerous corporations based around Morristown, and we are confident their clients and partners will be pleased once they experience the Cambria brand," said Rod Atamian, managing partner, City Sunstone Properties. "The development of the Morristown Cambria is consistent with our efforts to own the most attractive commercial properties in a given region."
The Morristown area is home to a wide array of companies spanning multiple industries, including Honeywell, Nabisco and Wyeth Pharmaceuticals. Leisure travelers also frequent the area to enjoy the many well-known theaters, festivals and high-end retail stores.
Designed as a business travel and leisure brand, all Cambria hotels & suites are new-construction and feature a larger lobby to give guests a more social atmosphere; oversized rooms with flexible spaces; and the latest technology that allows guests to stay connected while they travel.
Like all Cambria hotels & suites, the Morristown property will feature other fine amenities such as a contemporary bistro, Social Circle™, serving a menu comprised of local specialties created by Chef Michael DeMaria; liquor, wine, beer and freshly prepared grab-and-go gourmet salads and sandwiches; and a barista bar. This property will also boast 2,500 square feet of meeting space, a spa, a large indoor swimming pool and a fitness center.
City Sunstone Properties City Sunstone Properties was founded in 2012 as a commercial real estate investment company based in Las Vegas, Nevada. The founder's intent was to take advantage of severely dislocated markets primarily in Southern Nevada and the western United States. In just a few years, City Sunstone Properties has become a leading player in Nevada's commercial real estate market having acquired 10 properties, including shopping centers, office complexes, and tracts of land that are planned for future development. The company's portfolio primarily consists of newer properties in submarkets with strong demographics, high traffic counts, and catalysts for growth, providing a foundation to generate substantial value over the long term. The company employs a "value add" strategy in its investment criteria, focusing on distressed properties with solid fundamentals that can be improved by repositioning the asset; improved management, focused and creative leasing efforts, and/or redevelopment.
