Developers Plan a $100 million Hyde Park Hotel, Tourism Project

The Poughkeepsie Journal has reported that a $100 million dollar hotel and tourism project to Hyde Park, New York. Hotel & Leisure Advisors prepared the feasibility study and the economic impact study for the proposed hotels. 

BY: Craig Wolf
PUBLISHED: September 2015

HYDE PARK — Owners of a major vacant property are ready to move forward on a nearly $100 million mixed-use plan that would aim squarely at tourism and create hundreds of jobs.

The first-phase plan envisions two hotels plus retail and other amenities in the Bellefield district on the east side of Route 9 across from the Culinary Institute of America. A later phase would involve building housing, more than 500 units, which would bring the total investment to $500 million.

T-Rex Capital Group LLC, which owns the 339-acre parcel, presented an update of plans to a joint meeting of the Hyde Park Town Board and the Hyde Park Planning Board Monday evening.

The T-Rex group bought the property in 2012 after a previous effort by a different group failed.

Their first-phase plan for “Bellefield at Historic Hyde Park” calls for developing two hotels, a conference center, a free-standing signature restaurant, a spa and culinary-based retail establishments with 40 residential lofts above the stores.

“Right now we’re focused on phase one, because that’s what everyone wants and needs today,” said Thomas Mulroy, CEO of the T-Rex company, who spoke with thePoughkeepsie Journal Monday. There is not a similar facility within many miles, but the draw exists, including the CIA, the federal historic sites and Marist College, all nearby, as well as the broader surrounding region, Mulroy said.

“I think the time is at a point in the market where you have very good capital markets, low interest rates,” he said. “Tourism is doing very well, especially in New York stateand particularly in the Hudson Valley region, it’s been increasing quite a bit.” What’s lacking in the area, he said, is the higher-end boutique hotel segment.

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