Phase 1 construction process is underway! Site infrastructure and first hotel will be part of groundbreaking ceremony, which will total a $60 million investment.
HYDE PARK, N.Y. (September 21, 2018) – Bellefield Development Partners, an affiliate of T-Rex Capital Group, LLC, along with representatives from the Town of Hyde Park, Dutchess County and New York State, today broke ground on the Inn at Bellefield and Phase 1 of the construction of Bellefield at Historic Hyde Park.
Bellefield at Historic Hyde Park will be a $500 million world-class hospitality, culinary and sustainable agrihood destination. With two hotels, culinary shops, farm-to-table restaurants, a special event barn and educational center, Bellefield at Historic Hyde Park will complement existing Dutchess County tourism destinations while providing much-needed quality housing. The development will be located at the gateway to Historic Hyde Park, on Route 9 in Hyde Park, directly across from The Culinary Institute of America.
Developed in partnership with Shaner Hotel Group – one of the hospitality industry’s leading owner-operators of full- and select-service hotels – and in collaboration with Marriott International, The Inn at Bellefield will be a 133-room soft-branded Residence Inn. It is the first of two planned upscale all-suites boutique lifestyle hotels on the property.
In addition to the hotel, Phase 1 of the construction of Bellefield at Historic Hyde Park includes construction of the property’s infrastructure – roads, sewer, water treatment and electric – to establish development of future phases. The combined investment of the hotel and property infrastructure for Phase 1 will total $60 million.
“Without the incredible coordination and effort from the Town of Hyde Park, Dutchess County, Dutchess Tourism and the state of New York, this project would not have been possible,” Tom Mulroy, Chief Executive Officer, T-Rex Capital Group LLC, said. “I would also like to thank our team that has worked on this project for many years. We could never have done it without you too. Bellefield at Historic Hyde Park will bring jobs, investments and tourists to Hyde Park.”
Bellefield at Historic Hyde Park is uniquely positioned to embrace the Hudson Valley’s food and beverage traditions by providing a one-of-a-kind, completely immersive and eco-friendly environment to appeal to one’s senses like no other place before it. Bellefield is destined to become a weekend getaway destination and a must-see for domestic and international travelers alike.
It will also become a prominent residential address for those with an appetite for a simpler, more connected life. Just a 90-minute drive from Manhattan, Bellefield at Historic Hyde Park will be a 340-acre community designed with a working farm as its heart and soul – with 58 percent of the site’s acres remaining wooded and undeveloped and 48 acres devoted to agriculture.
“This is a one-of-a-kind development in a strategic location that will exponentially develop the food and beverage culture in the Hudson Valley while creating a natural partnership of businesses, retailers, farmers and homeowners,” Mulroy said. “And this will be done with sensitivity to the surrounding community and care given to the beauty of the landscape here in Hyde Park.”
The hotel will help meet the demand for high quality lodging in Dutchess County.
“I would like to take a moment to thank Tom Mulroy, Bellefield Development Partners and T-Rex Capital Group for allowing Shaner Hotel Group the honor to be a partner in this outstanding development project,” said Lance Shaner, Chairman and CEO of Shaner Hotel Group. “They have done an outstanding job assembling the pieces to create what will be a very successful development and address the need for lodging in this part of Dutchess County.”
Dutchess County is home to many world-class tourism destinations, including the FDR Presidential Library and Museum, The Walkway Over the Hudson, The Vanderbilt Mansion, Marist College, and The Culinary Institute of America. There are nearly 5 million visitors to Dutchess County each year.
The development is projected to create more than 550 construction jobs and 369 full-time, permanent on-site jobs.
Equally positive is the projected generation of tax dollars. Over the next 10 years, Phase 1 of the development is projected to generate more than $118 million in state, county and town tax revenue.
The 10-year combined operation and visitor spending economic impact from Phase 1 will exceed $634 million.
Howard Zemsky, President and CEO, Empire State Development and Commissioner of Economic Development: “The Bellefield at Historic Hyde Park project is an exciting opportunity to further grow tourism in Dutchess County and the Mid-Hudson Region. As a complement to the booming food and beverage sector, Bellefield will be a catalyst for residents, tourists and students alike to participate in the growth of the regional economy through culinary, hospitality and agricultural activities.”
New York State Senator Sue Serino, 41st District: “We are so excited to see this incredible project become a reality. Bellefield at Historic Hyde Park is sure to be a world-class culinary destination for residents and tourists alike that will help to highlight some of the best our community has to offer. We look forward to seeing all the ways that this project will continue to evolve for years to come and all the ways that it will continue to add to fabric of our local community. Congratulations to all involved on today’s great groundbreaking!”
New York State Assemblymember Didi Barrett, Assembly District 106: “I am delighted to see the long awaited Bellefield project become a reality for the Town of Hyde Park, T-Rex Capital and the greater community. A new boutique hotel that embraces the Hudson Valley’s historic agricultural heritage while offering 21st century hospitality is sure to be a winning combination in our region.”
Sarah Lee, CEO, Think Dutchess and Executive Director of the Dutchess County Industrial Development Agency: “Bellefield at Historic Hyde Park is an important addition to our county’s culinary and tourism destinations. The multi-faceted project will bring investors and businesses, grow jobs for our residents and attract visitors who will spend money in our county, which helps stabilize the tax base.”
Aileen Rohr, Supervisor, Town of Hyde Park: “The Town of Hyde Park is pleased to welcome the Inn at Bellefield to our community. With so many premier tourism destinations located in Hyde Park, the addition of attractive well-located lodging will allow visitors to stay where they play. We look forward to the advancement of the local food movement as part of our local economy by the opening of the Inn and are eager to continue to see this potential developed through future investment.”
Mike Oates, President and CEO, Hudson Valley Economic Development Corp.: “We are looking forward to seeing this extraordinary project as it grows and takes shape. Bellefield at Historic Hyde Park will be an important part of the continued growth of the Hudson Valley’s food and beverage businesses, farms and attractions.”
Mary Kay Vrba, President and CEO, Dutchess Tourism: “Dutchess Tourism is excited to break ground on Bellefield at Hyde Park and welcome this project into the Dutchess County family of wonderful tourism attractions.”
Mike Dupree, Chairman, Hyde Park Planning Board: “Bellefield Development Partners proposed a project to our Town that we instantly believed would be a great success, benefiting the hotel operator as well as Hyde Park and the county. We welcome another enterprise that promises to partner well with our community.”
About Bellefield at Historic Hyde Park:
Bellefield at Historic Hyde Park is a $500 million dollar tourism destination proposed for development on Route 9 across from the Culinary Institute of America (CIA). Initial plans call for development of two hotels, a conference center, a freestanding signature restaurant, a spa and culinary-based retail establishments. 58 percent 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. Governor Cuomo’s Mid-Hudson Regional Council has selected Bellefield at Historic Hyde Park as a “Priority Project”. For real estate inquiries: moates@bellefielddevelopment.com.
About T-Rex Capital Group LLC:
T-Rex Capital Group LLC is an experienced privately held real estate firm. T-Rex has sourced and invested in proprietary transactions encompassing more than 11 million square feet with a gross asset value of over $2.5 billion. Its key executives average more than 25 years of experience with more than $7 billion of investing and development experience. For more information, visit www.TrexCapitalGroup.com.
About Shaner Hotel Group:
Shaner Hotel Group is one of the foremost owner-operator companies in the hospitality industry with more than 50 hotel properties owned and managed across the U.S., Italy and the Bahamas. New properties are constantly evaluated as the Shaner Hotel Group continues a conservative, yet opportunistic approach to growth. Shaner is an approved management company and franchisee of Marriott International, Inc., Hilton Hotels Corporation, Intercontinental Hotels Group, and Choice Hotels. For more information about the company and its divisions visit www.shanercorp.com.
VNR Instructions: Please use this link to access a video news release from the event (shot list below):
https://ellenbogenmedia.box.com/s/b02uejqs2lwoeq6euww53vcl2hte9kko
VIDEO CUTS:
:07 – Mike Oates, President and CEO, Hudson Valley Economic Development Corp.
:18 – Tom Mulroy, Chief Executive Officer, T-Rex Capital Group LLC
:32 – Sarah Lee, CEO, Think Dutchess and Executive Director of the Dutchess County Industrial Development Agency
:48 – Mary Kay Vrba, President and CEO, Dutchess Tourism
1:07 – At left, Lance Shaner, Chairman and CEO of Shaner Hotel Group, and, at right, Tom Mulroy, Chief Executive Officer, T-Rex Capital Group LLC, and,
1:19 – New York State Senator Sue Serino, 41st District
1:36 – Tom Mulroy, Chief Executive Officer, T-Rex Capital Group LLC
1:46 – At left, Lance Shaner, Chairman and CEO of Shaner Hotel Group, and, at right, Tom Mulroy, Chief Executive Officer, T-Rex Capital Group LLC, and,
1:50 – Lance Shaner, Chairman and CEO of Shaner Hotel Group
2:01 – New York State Senator Sue Serino, 41st District
2:14 – Groundbreaking ceremony
For more information about Bellefield at Hyde Park and T-Rex Capital Group LLC, visit www.bellefieldhydepark.com.
