Published On: Sun, Jun 24th, 2018

Trump, Kushner end hotel partnership; Kushner Looks to Invest $2 Billion in Hospitality Business

Kushner Looks to Invest $2B in Hospitality Sector

The New York Times reported that Kushner companies cut ties with Trump Organization in the hotel business in NJ. The partnership between the president and his son-in-law attracted public scrutiny from ethics watchdogs two months ago. Kushner owns two hotels in New Jersey one on the Jersey Shore and the other in Livingston.

Kushner’s head of hospitality, Will Obeid told Commercial Observer that the company is now looking to build a portfolio of a couple billion dollars of hospitality assets over the next several years.

“We are pursuing resort markets, we’re pursuing convention center hotels, we’re pursuing urban hotels,” Obeid said. “These are full-service hotels.”

In November 2017 Kushner companies established a hotel division. Since then, Kushner acquired the 24-room oceanfront boutique Hotel Bungalow in Long Branch for $9 million. The hotel is adjacent to Pier Village, which Kushner co-owns with Extell Development.

Kushner also developing two hotels in Pier Village.

“Certainly there is ample demand within Long Branch and Jersey City for all of these hospitality concepts within Pier Village,” Obeid told CO.

 

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