Hotel Indigo - Monge Capital

Location

Newark, NJ

Est. Project Cost

$30.0 million

Public Financing

New Markets Tax Credit, Historic Tax Credit, State and City

Private Financing

Bank and CDFI Financing

Type

Hospitality

Size

75,000 SF / 110 Keys

Sponsor

Hanini Group

Closing Date

2013

Historic Redevelopment and Adaptive Re-use

Redevelopment of the Historic National State Bank Building into a 110 key Hotel Indigo, a brand of the Intercontinental Hotel Group. At the time, this was the first new hotel in Newark in over 30 years.

Estimated Economic and Social Impact

120 jobs and 200 construction jobs. Over 50% local and minority job placement.