New Marriott Hotel is Planned for Yonkers

New Residence Inn Will Be City's First Extended-Stay Hotel

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. October 14, 2008

YONKERS, NY, September 27, 2005. The Yonkers Industrial Development Agency (IDA) announced that it has given preliminary approval, pending a final resolution by the IDA Board, for an affiliate of True North Hotel Group of Overland Park, KS, to develop a new Residence Inn by Marriott Hotel at 7 Executive Boulevard.

Construction of the upscale, extended-stay hotel will commence in late 2005, with completion scheduled in late 2006. The development will be the first extended-stay hotel to be built in the city in recent memory. It will meet a growing demand being voiced by the increasing numbers of travelers who conduct business in Yonkers.

Mayor Philip A. Amicone, who also serves as IDA Chairman, said, "The economic engine of Yonkers is now running in high gear. At long last, business people and visitors alike will have accommodations provided by a hotel with a top notch, world-renowned flag."

The IDA will provide economic development incentives to the developer in the form of a partial real property tax abatement through a P.I.L.O.T. (payment in lieu of taxes) agreement, an exemption from Sales & Use Tax for purchases related to the project, and a Mortgage Recording Tax exemption. The project is expected to create 200 construction jobs and 40 permanent jobs.

The hotel, designed by Group One, Inc., of Boston, will be a six-story tower with 114 guest rooms comprising 70 studio units, 28 one-bedroom units, nine two-bedroom units and seven handicap accessible units. The hotel will feature an indoor pool and spa on the ground floor, a fitness center and a meeting room. Ample outdoor parking is also planned for the site.

The property will be developed on a vacant, privately-owned land just east of Route 9 at the city's northern edge. The hotel will be among the first in the nation to be constructed according to Marriott's brand new "Gen VII" specifications, expected to be officially rolled out by the corporation later this year. The new Residence Inn design has high appeal for extended-stay travelers. Defined by bold red interior finishes and furnishings as well as a signature, oversized headboard, the Gen VII suite clearly defines areas for living, sleeping, cooking and dining that evoke a comfortable, at-home feeling.