Bellefield Hotel Project Secures Key Approval; Construction Expected to Begin This Year
Real Estate In-Depth | January 16, 2018
HYDE PARK—Bellefield Development Partners, an affiliate of T-Rex Capital Group LLC, and its partner The Shaner Hotel Group, reported on Jan. 16 that the project received a resolution from the Hyde Park Planning Board to grant conditional site plan approval for a 133-room soft branded Residence Inn at the development property.
The Inn at Bellefield will be the initial vertical construction at the $500-million Bellefield at Historic Hyde Park site located across from the Culinary Institute of America on Route 9 in Dutchess County. The Inn at Bellefield is the first of two hotels planned on the site to meet the demand for high quality lodging in Dutchess County.
“We are thrilled to announce that 2018 will start the construction phase for Bellefield at Hyde Park,” said Tom Mulroy, CEO, T-Rex Capital Group LLC. “We are excited to have wide support for this project that promises to bring jobs, investments and tourists to Hyde Park.”
“This property is part of our long term strategy to develop high end properties close to university campuses and leisure destinations. This first of two properties will be affiliated with Marriott’s International Residence Inn brand,” said Lance Shaner, chairman and CEO, Shaner Hotel Group. “In addition our partnership with T-Rex Capital and Bob McCarthy (former COO, Marriott International) brings the high quality component to a sophisticated master plan.”
“The Inn at Bellefield ignites the site,” said Mike Oates, managing partner, Bellefield Development Partners. “We couldn’t be more excited to fill the need for quality lodging to help support the many tourism sites in the area. Dutchess County is home to many world-class tourism destinations include the FDR Presidential Library and Museum, The Walkway Over the Hudson, The Vanderbilt Mansion and Marist College, and The Culinary Institute of America to name a few. Bellefield is ready to take off.”
Oates has previously estimated the development cost for the hotel project at approximately $40 million.
Initial plans for the Bellefield at Historic Hyde Park project call for development of two hotels, a conference center, a freestanding signature restaurant, a spa, and culinary-based retail establishments. A total of 58% of the site’s 339 acres will remain wooded and undeveloped with another 48 acres devoted to agricultural use to preserve the natural beauty of the site.