Long-Vacant Salvation Army Building Reborn as The Asbury in Asbury Park, New Jersey

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. June 02, 2016

ASBURY PARK, NJ. June 2, 2016 - A lawn with a white picket fence isn't standard at hotels - especially on the roof overlooking the Atlantic Ocean.

But The Asbury, which opened Memorial Day weekend, is the opposite of standard. An exuberant reimagining of the classic beach hotel, The Asbury feels like Asbury Park itself - spontaneous, original, and surprising, with rock 'n' roll energy.

The Asbury's opening marks the next chapter in Asbury Park's thrilling rebirth. The first new hotel in Asbury Park in more than 50 years, the 110-room property is part of the multi-billion-dollar redevelopment plan by Master Developer iStar (NYSE: STAR), a ten year proposal that is being hailed as one of the most significant and ambitious redevelopment plans on the Eastern Seaboard.

To transform a long-vacant Salvation Army building into The Asbury, iStar tapped two hotel-industry titans. Anda Andrei, iStar's Creative Director and Design Lead for the entire Asbury Park redevelopment project, is former design director for the Ian Schrager Company. Hotel innovator David Bowd, partner in and operator of the hotel, is celebrated for creating the sought-after boutique Salt Hotels brand. The Asbury will become the fourth hotel in the Salt Hotels portfolio.

With the Asbury, the two are breaking all the rules, and bringing a Jersey-Shore postcard fantasy to life - part Tim Burton, part Springsteen, and 100% Asbury Park. The lobby, which doubles as a tomato-growing greenhouse, is a soaring public space that encourages guests to hang out; with a sunken seating pit upholstered in luxurious velvet silk on one side and bright blue bleachers on the other. A welcome desk doubles as a grab-and-go counter where guests can check in, order donuts baked-fresh locally, or score an Asbury beach towel. Nearby, on a giant marquee wall, huge emojis broadcast the weather, hotel happenings, and happy thoughts.

“Hotels are usually structured and planned. With the Asbury, we created a place that sparks joy and spontaneity,” said Andrei, who hand-picked the architects and designers involved to realize her vision. “You can't have a boring moment here. It's the same spirit of fun that makes Asbury Park such a treasure.”

Bowd agreed—“The Asbury's about everything that makes Asbury Park special, from the incredible mix of people to its to its great music, art, and food scene,” Bowd said. “We want everyone to have as much fun at the Asbury as we did creating it.”

Collaborating with Andrei on the interior design was New York City-based firm Bonetti Kozerski studio, whose aesthetic of understated luxury has won clients like Donna Karan and Andre Balazs. Tapped to transform the derelict Salvation Army building into The Asbury was Stonehill & Taylor, known for adaptive reuse work on hotels such as Manhattan's Ace and NoMad.

With eight completely original public spaces, the hotel is designed for action everywhere. The ground-floor hangout, The Pit, is a giant, sunlit living room with huge sofas, board games, and well-stocked bookshelves. If guests want to sit together, or dance, or play Scrabble, they can move the furniture; there are no rules.

Just opposite the Pit, the Asbury's Soundbooth serves signature cocktails from a platform made of stacked bathroom tiles. Vinyl LPs, cassette tapes, and CDs will fill a massive feature wall next to the bar; it's a shrine to the history of music, and a tip of the hat to Asbury Park's rocker DNA. A passage nearby leads to the outdoor Beer Garden, where a specially outfitted 1960s truck will dispense five kinds of ale from outside taps - and a hot-dog truck will offer different varieties of the ultimate summer food.

But the big reveal happens upstairs, with two separate rooftop venues—

The Baronet, outdoors on the fifth floor, is like stepping into an Alice-in-Wonderland version of Central Park's Great Lawn. It's a surreal 4,300 square feet of lush green space, with wraparound views beyond a white picket fence. An enormous lighted sign from Asbury Park's late, great Baronet Theater hangs on a 20-foot film-projection wall. No chairs here; The Baronet can host yoga in the morning, an afternoon reading, and later, movie screenings under the stars. A dance party kicks off every weekend.

Two floors up, color turns to black and white. Salvation is the hotel's 4,000 square-foot monochromatic cocktail lounge on the seventh floor; elegantly designed with lush landscaping, lit by night with hundreds of lanterns and candles, Salvation is romantic, sexy, and grown-up, with tunes from skybox DJs and mind-blowing sunset views.

Event rooms are designed to feel like a giant stage, with exposed theatrical lighting and triple-height ceilings. Asbury Hall & Lawn is a 5,500 square-foot, flexible indoor/outdoor event space unlike any other on the Jersey Shore. Elegantly designed, with the most advanced AV equipment and divisible into three smaller spaces, it will serve social and corporate gatherings of all sizes. The separate, pre-function area is also a greenhouse space, with billowing drapes lit from below.

With huge variety among its beach-bungalow-inspired rooms as well, The Asbury's got space for everyone. Groups can check into bunk rooms that accommodate up to eight people - perfect for a grownup slumber party, bachelor bash, or BFF getaway. Nearly every room boasts water or city views, from standard, superior and deluxe Queens and Kings to Family Kings with convertible sofa and ocean-facing suites.

Every piece of furniture has been custom-made for the Asbury, with Andrei and Bonetti Kozerski Studio creating pieces they'd live with themselves. Whitewashed walls, pale-wood furniture, cool checkerboard floors contrast with pale blue sofas, navy macrame-backed chairs, and custom molded green seats.

There are other thoughtful details guests will love. Room lights are fully dimmable, which is rare. Concealed nightstands on both sides of beds have chargers right on top, making it easy to plug in and enjoy - no crawling on hands and knees. Bath amenities come from New York purveyor Malin + Goetz; The Asbury is the first hotel to feature the brand's elegant and eco-friendly wall-mounted dispensers. Bath sinks are custom Corian.

The hotel's done away with conventions like check-in times; whenever a guest decides to arrive, the Asbury's team goes into action to get them a room. Also with the millennial traveler in mind, the hotel provides the option to text-communicate with The Counter for any items from the grab-and-go. This will be the Asbury's only food and beverage option as there is no dedicated restaurant or room service—the hotel will encourage guests to patronize great local restaurants and bars.

The Asbury is a stylish beacon. The property boasts multiple entrances from street level. At one door, whose elevator zooms directly up to Salvation, 49 disco balls will send glittery signals of the good times to come.

The Asbury is located at 210 5th Avenue, Asbury Park, just two blocks from the beach and buzz of the Asbury Park Boardwalk.

About iStar

iStar (NYSE: STAR) finances, invests in and develops unique properties as a multi-strategy investment REIT—bringing new ways of thinking to real estate ventures in the pursuit of strong risk adjusted returns. Fully integrated across all disciplines, in-house expertise includes loan origination, loan servicing, asset management, architecture and construction, sourcing capital and legal. iStar's balanced portfolio is well diversified by property type, asset type, geography and obligor, with a focus on larger assets located in major metropolitan markets. Additional information on iStar is available on the Company's website at www.iStar.com.

About Salt Hotels

Salt Hotels is a burgeoning collection of boutique properties that redefine the concept of a classic bed and breakfast with a fresh, contemporary “no rules” approach. Beginning with the award-winning Salt House Inn in Provincetown, MA in 2013, now the flagship for Salt Hotels, the brand operates three properties in the U.S.: Eben House (Provincetown, MA) and The Chequit (Shelter Island, NY) both opened in 2015. The Asbury Hotel in Asbury, New Jersey, is a collaborative redevelopment project that will be managed by the company and bring an exciting and unique hotel product to the Jersey Shore. There is also a healthy pipeline of development in Upstate New York, Pal Springs, Topeka, Kansas, the Caribbean and London. As a full service hospitality company, Salt Hotels provides comprehensive services in hotel management, design and development, creative services, sales and marketing, revenue management, food and beverage development and management and human resources; www.salthotels.com.

Contact:
Rebecca Tan
212-228-1500