Charles Wang buys LI Marriott Hotel for Nassau Coliseum development.
The property has significant development and easement rights aligned with Wang's vision for transforming the Nassau Coliseum. Wang is also the owner of the New York Islanders and the New York Dragons.
By virtue of this acquisition, Wang adds an important piece of the puzzle in connection with his proposal to redevelop the site of the Nassau Veterans Memorial Coliseum with his joint venture partner, Reckson Associates. The joint venture's redevelopment plans now encompass 150 acres, including the Marriott, Reckson Plaza and The Omni.
In addition to the substantial value of the hotel property (the largest on Long Island) and its additional development rights, Wang acquires a forty-foot wide easement connecting the hotel to the Coliseum. Plans are currently being developed to take advantage of this easement, which will permit Wang to create both above ground and below ground shopping facilities or other commercial establishments.
"Our immediate plans for the hotel and conference center include upgrades to guest facilities and meeting space, and a commitment to making the Marriott the premier business hotel on Long Island," said Wang.
The Long Island Marriott Hotel and Conference Center is located on 14.5 acres adjacent to the Nassau Veterans Memorial Coliseum, the official home of the New York Islanders and New York Dragons, in Uniondale, N.Y. The property includes 608 guest rooms and 10 luxury suites throughout 11 floors, and 27,000 s/f of total meeting space. There are 30 individual meeting rooms.
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|Title Annotation:||Construction & Design|
|Publication:||Real Estate Weekly|
|Date:||Dec 21, 2005|
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