Ribbon-cutting Ceremony Officially Opens First Hyatt Regency Hotel of 2002

07/10/2002 Category: Leasing and Development

New Jersey Governor, Officials and CEOs Welcome Guests, VIPs and the Public to the new Hyatt Regency Jersey City on the Hudson

This press release was sent out by the Hyatt Hotels Corporation. For more information, please contact the person listed at the bottom of release.

JERSEY CITY, NJ, July 10, 2002 — The Hyatt Regency Jersey City on the Hudson was officially opened today, as a ceremonial ribbon was cut by New Jersey Governor James E. McGreevey, Jersey City Mayor Glenn Cunningham, Mack-Cali Realty Corporation's Chief Executive Officer, Mitchell Hersh, and Chairman of Hyatt Development Corporation, Nicholas J. Pritzker. Joining in the ceremony, which included remarks from the officials and executives, were the hotel's general manager, Steve White, and Jersey City business and community leaders.

The 350-room hotel, whose estimated completion cost is $102 million, will create approximately 200 jobs for area residents and is the first luxury hotel to service the rapidly-growing Jersey City financial community. Located on the waterfront at Harborside Financial Center, it is the only full-service hotel on the Jersey shoreline with easy access to New York City in less than fifteen minutes via land or water. The hotel offers a signature restaurant, Vu, more than 20,000 square feet of meeting and conference space, including a 5,100 square-foot ballroom, a 600 square-foot boardroom and unique views of the Manhattan Skyline from all guest rooms and suites.

New Jersey Governor James E. McGreevey said, "The Hyatt Regency represents a remarkable step in the development of the Jersey City waterfront. With its accessibility and proximity to New York City, the new Hyatt Regency hotel will allow daily visitors and tourists alike to take advantage of the business and entertainment opportunities here in Jersey City."

The hotel is a collaboration between Cranford, New Jersey-based Mack-Cali Realty Corporation, a real estate investment trust and owner of Harborside Financial Center, and the Hyatt Development Corporation. It is the first hotel development venture for Mack-Cali.

Mack-Cali Realty Corporation's CEO Mitchell Hersh said, "We are enthusiastic about our partnership with Hyatt and are delighted to open this exciting hotel at Harborside. " He added, "The hotel brings Harborside Financial Center another step closer to becoming Jersey City's "city within a city," providing our tenants and other area businesses with valuable conference, meeting and catering services."

The Hyatt Regency Jersey City, the first full-service hotel on the waterfront, adds to the economic revitalization underway in Jersey City, which includes a new waterfront walkway along the hotel and the Harborside complex. The hotel is equipped with high-speed telecommunications/Internet access. The signature, three-meal restaurant, Vu, features a lounge, state of art exhibition kitchen, and stunning views of Manhattan. Located less than 15 minutes from Newark International Airport, the hotel is just minutes away from mid-town Manhattan and Lower Manhattan, and is accessible by land or by water.

Hyatt Development Corporation Chairman Nicholas Pritzker said, "In addition to its exceptional location and view, the hotel offers the epitome of contemporary luxury, based on a foundation of personalized service and high-tech amenities." He concluded, "There is simply no better place to enjoy all that Hyatt has to offer, all within easy reach of Manhattan, Newark Airport and the countless other attractions of the New York-metro area."

Steve White, the hotel's general manager, added that the hotel is important "not only as a landmark development for Hyatt, but as an emblem of the growth and vitality of the Jersey City." He concluded, "We look forward to partnering with local businesses and our growing financial community to make Jersey City a true destination for business and leisure travelers across the country and the world."

Currently, there are 204 Hyatt hotels and resorts around the world. Hyatt Hotels Corporation operates 123 hotels and resorts in the U.S., Canada and the Caribbean. Hyatt International, through its subsidiaries, operates 81 hotels and resorts in 36 countries. In the U.S., Hyatt worldwide Reservations for individuals and groups can be reached at 1-800.233.1234. Outside the U.S., contact the local Hyatt sales office or representative. For more information about Hyatt hotels and resorts, consult Hyatt through the Internet at www.hyatt.com.

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 256 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 27.2 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,000 tenants. Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.