The state of New Jersey has spent more than $1 billion to renovate and upgrade hotel rooms, but now those hotels are facing an uncertain future.
As the New York Times reports, the state is now paying $1.9 million per room for a room at a resort in Mount Vernon, N.J., but the state Department of Housing and Community Development says that’s a total of more than 10,000 rooms.
“The cost is significant.
It’s not just money for renovations, but also for replacing damaged rooms and replacing the beds,” said Mark R. Loehr, executive director of the New Jersey Department of Community Development.
Loehr said the department has identified several hotels where upgrades could cost up to $1 million per unit.
He also said the state hopes to work with hotels to determine if they can take back the rooms and keep the money for future renovations.
A number of other hotels have been given a chance to get their rooms refurbished or repaired and are now on track to meet the department’s criteria.
The state hopes that the state’s money can help other struggling hotels, like the Sheraton Hotel in downtown Hoboken, which was sold to the family of the late Joe G. Kelly, the former mayor of Hoboken.
But the state says it’s not enough.
“We’re working on getting more money,” Loeh said.
“It’s a really challenging time, especially in the tourism industry, and we’re trying to do everything we can to help.”
A couple of the hotel owners told the Times that the hotel could not afford the renovations, and that the city of Hobart was offering incentives to help make up for the difference.
The Sheraton, for example, has been asked to pay $300,000 toward an “expansion of the hospitality suite.”
The Shermans have not responded to a request for comment.
A spokesperson for Hoboken told Newsweek that the Shermans did not agree to the offer and declined to discuss the offer with Newsweek.
The city did not respond to a phone call seeking comment.
The hotel was not the only one to be affected by the state-run hotel renovations program.
In June, the New Hampshire House approved a bill that would have allowed hotels to take back their rooms, with the state agreeing to reimburse them for up to 60 percent of the cost.
The bill passed both chambers and now heads to the governor for his signature.
The state has not yet made a decision on the legislation, but the governor has expressed an interest in getting involved.
“It’s time for our governor to step in and make sure that hotels are kept open and the people who live in them are getting the best accommodations,” Gov.
Maggie Hassan said during a press conference in August.
“We know that people who have spent years building their dream vacation destination are struggling to stay afloat.”