Four major hotel companies are interested in doing business in Montclair, Brian Stolar, CEO and President of The Pinnacle Properties, said at Monday night's meeting of the Montclair Planning Board.
Stolar said Pinnacle is about a month away from choosing which brand it would like to partner with to build a 120- to 130-room hotel with a rooftop restaurant in the four-acre CentroVerde complex.
The hotel would be located at Bloomfield Avenue and Orange Road, where developers got the green light in the redevelopment plan to construct a six-story office/retail building or an eight-story hotel, said Janice Talley, Director of Planning and Community Development for Montclair.
“The hotel would only work as an eight-story [building],” Stolar said.
Any of the four brands Pinnacle is considering partnering with “the town would be proud to have here,” Stolar said.
The developer said his firm plans to figure out the economics of what would make a viable hotel in Montclair by the end of the year.
He estimated Pinnacle would come before the board with a site plan in the first quarter of 2014.
The developer is currently working to amend the redevelopment plan to bump a building at Bloomfield and Valley Road from six stories to eight in exchange for a public park in a nearby lot.
A public park, he said, would make the hotel more attractive to potential guests.