Two developer teams present competing hotel plans for Lafayette Hotel site; financing, brand and timelines remain key questions

Two developer teams presented competing proposals on July 29 to redevelop the long-vacant Lafayette Hotel in downtown Trenton, offering different brands, timelines and economic strategies but leaving financing and detailed cost estimates unresolved.

Team 1: Millstone Holdings / TKO Hospitality (Hyatt Centric partner)

George Alexander of Millstone Holdings and Kostas Caliguroplos, chief executive of TKO Hospitality, presented a plan to rebrand the Lafayette as a Hyatt Centric. The team said it envisions a full-service, 150-room hotel with about a 6,000-square-foot ballroom and banquet facilities aimed at weddings, conventions and weekend leisure business. Peter Abrams, a regional developer on the team, estimated a preliminary reconstruction budget in the neighborhood of $30 million; the presenters said the project could be phased and that a Hyatt affiliation would provide operating and brand support. Kostas Caliguroplos described an operator—s approach that emphasizes community programming and workforce development and cited TKO—s regional experience.

The presenters said the number of rooms would be reduced from the existing count to about 150 and that the ballroom would be a key revenue generator. They did not provide a formal construction loan commitment in the meeting; Peter Abrams and other team…