iStar to debut 54-room boutique Asbury Park hotel in time for July 4th weekend

Real estate investment trust iStar is planning to open the first phase of its 17-story hotel and condominium complex in Asbury Park by the July 4th holiday weekend, according to the Asbury Park Press. The 54-room Asbury Ocean Club Hotel, to be operated by David Bowd of Salt Hotels, will be the first five-star boutique hotel along the Asbury Park waterfront. iStar has said that every room in the hotel, designed by Anda Andrei, Bonetti Kozerski and Gary Handel, will have 11-foot ceilings and a daybed or banquette. Guest amenities include a beach bellperson and a guest lounge with year-round programming. The hotel is also part of the larger Asbury Ocean Club development planned by iStar, which includes 130 condominiums — starting at $900,000 — located at 1101 Ocean Avenue, the site of the former Esperanza condo project owned by Hoboken-based Metro Homes. iStar owns 35 acres in Asbury Park, including about 1.25 miles of waterfront property, and the REIT is looking to invest $1 billion in the seaside city, where it is hoping to create a new private beach club. Jay Sugarman, chairman and CEO of iStar, recently spoke with The Real Deal to discuss his plans for high-end living on the Jersey Shore and some of his more eccentric interests. [APP]