Date: Feb 04, 2011
Press Release Number: 6-2011
As kickoff approaches for Sunday’s Super Bowl, New Jersey Lt. Gov. Kim Guadagno and the Port Authority announced an agreement with Host Hotels & Resorts, the owner of the Newark Liberty International Airport Marriott, to drive a multimillion-dollar renovation project that will create more than 250 jobs and generate $60 million in economic activity. The private investment agreement comes in preparation for increased demand at the hotel as it welcomes Super Bowl XLVIII in 2014.
Under the agreement, approved by the Port Authority’s Board of Commissioners on February 3, Host Hotels & Resorts will invest $164 million in capacity and infrastructure improvements, including $34 million before Super Bowl XLVIII, to upgrade its first-class facility. These private investments are in addition to the minimum annual guaranteed revenue the Port Authority will receive from the hotel over the life of the lease. As part of the agreement, the Port Authority will extend the hotel’s airport lease for 40 years. The total economic activity impact amounts to 250 total jobs, $14 million in wages and $60 million in economic activity over the life of the project.
New Jersey Lt. Gov. Kim Guadagno said, “Today’s announcement underlines our commitment to attracting, retaining and growing jobs in New Jersey today and beyond 2014. As we work to provide the pro-business environment to make New Jersey the right place to do business, this type of collaboration between the private and public sectors is a great win for the state.”
Port Authority Executive Director Chris Ward said, “This is a great deal for the Port Authority and a great deal for the New York-New Jersey region. And it’s happening just in time for Super Bowl XLVIII.”
Port Authority Deputy Executive Director Bill Baroni said, “Newark Liberty International Airport is the gateway to the 2014 Super Bowl. This private investment is an economic touchdown for New Jersey and the region. It will generate new jobs, robust economic activity and attract new tourism interest for many years to come.”
John Magnifico, General Manager of the Newark Liberty International Airport Marriott, said, “We're delighted that the Port Authority and Host Hotels & Resorts are working together on a project connected to the Super Bowl planned for New Meadowlands Stadium that will enhance the Marriott Hotel at Newark-Liberty International Airport and position it as an inviting gateway hotel. We look forward to working with Host on design and renovation plans, and for our hotel to show Marriott’s spirit to serve – welcoming guests to Super Bowl XLVIII and beyond.”
The hotel, managed by Marriott International, has been a fixture at Newark Airport since 1983. Before the Super Bowl comes north in three years, Host Hotels & Resorts will build a 10,000-square-foot ballroom and reconfigured and upgraded its food and beverage outlets. In addition, it will continue to make other improvements throughout the hotel complex.
CONTACT: The Port Authority of New York and New Jersey
Ron Marsico or Hunter Pendarvis, 212 435-7777
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine Terminal and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan. The Port Authority is self-sufficient and receives no tax revenues from either state.