The Briad Group Celebrates Groundbreaking of Element by Westin Wood-Ridge, NJ

USA, Wood-Ridge, New Jersey. July 09, 2019

Element by Westin, part of Marriott International, celebrated the groundbreaking of Element by Westin Wood-Ridge on Wednesday, June 5. Located at 269 & 359 Route 17 South, the upscale lifestyle hotel will provide guests with easy access to Routes 3, 17 and the NJ Turnpike and will be less than 10 miles from New York City. The property will also place guests across the street from Teterboro Airport and will be minutes away from the upcoming American Dream Meadowlands, a retail and entertainment complex which is planned to contain more than 500 stores. The Wood-Ridge location will represent the third Element by Westin in New Jersey and will employee approx. 100 people. Element by Westin Wood-Ridge is owned and managed by Briad Lodging Group, LLC, the hotel division of Livingston, New Jersey-based The Briad Group.

The Borough of Wood-Ridge Senator and Mayor Paul Sarlo and other community representatives joined Briad executives Rick Barbrick, president and co-CEO, Brad Honigfeld, founder and co-CEO, and Jason Honigfeld, project manager for the groundbreaking ceremony. John Molinelli, former Bergen County prosecutor, was also present for the ceremony.

"With its proximity to New York City and prime shopping and entertainment, Element by Westin Wood-Ridge is the perfect location for our newest property," said Barbrick. "We look forward to introducing the Element brand and our newest dining concept The Bradford Fine Spirits & Tapas - an exclusive rooftop experience - to the Wood-Ridge community. We're confident guests will enjoy their stay with us."

Once completed, the hotel will feature 125 spacious and airy studios and one-bedroom suites which are fully equipped with energy-efficient kitchens, large desks with open shelving, spa-inspired bathrooms and signature Heavenly® Beds. Stylish and sustainable, Element by Westin Wood-Ridge will offer extended stay comfort with a conscience and lots of signature amenities, including a complimentary, healthy RISE breakfast and a RELAX evening reception. The Bradford, the property's roof-top bar will feature stunning views of NYC. The property will also include a saline swimming pool, spacious fitness center featuring a Peloton® Bike, ‘Bikes to Borrow' and electric vehicle charging stations. The hotel will also include prime meeting space with modular furnishings and fast & free Wi-Fi throughout. Designed to fuel a balanced life while on the road, no matter how long a guest stays, the hotel will use sustainable and health conscious materials wherever possible.

Briad Lodging Group was formed in 1997, when Briad became a Marriott franchisee. Five years later, the company added Hilton to its portfolio. Since obtaining these franchise rights, Briad has developed more than $400 million in real estate, concentrating on focused-service and extended stay hotels, including the Courtyard, Residence Inn, Springhill Suites, TownePlace Suites, Hilton Garden Inn and Homewood Suites brands. During the past decade, Briad has developed, operated and managed 34 properties and has built more than 3,800 hotel rooms in the tri state area alone.

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.