Pestana Hotel Group and Seabra Group Celebrate Groundbreaking of Pestana Ironbound Hotel in Newark, NJ

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USA, Newark, New Jersey. December 17, 2019

A ceremony took place yesterday for the future 109-room hotel in the Ironbound District of Newark. Developed by the Seabra Group and managed by Pestana Hotel Group, the Pestana Ironbound Hotel is located on 114-126 Monroe, Newark, New Jersey and is expected to open July 2021.

"Following Miami and New York, we're delighted to see our North American expansion plan on the East Coast moving forward with the construction of this new hotel in Newark in partnership with an excellent Group with whom we share origin, culture and entrepreneurial vision," said Mr. Pestana during the ceremonial gathering.

"Since the beginning of our negotiations we not only realized our shared values but were also excited by the empathy created between our teams. There has been a need for a hotel in the district of Newark for a long time and we found the best partner to move our dreams forward. This is a significant investment in the community, and we are confident that it will be a successful project and a popular destination in the city of Newark," said Mr. Seabra during the event.

Pestana Hotel Group, the largest international hotel group of Portuguese origin, opened its first hotel in the United States in Miami in 2013, Pestana Miami South Beach. The hotel group has just announced the opening of its 100th hotel and first New York City property, Pestana Park Avenue, that will be opening in January 2020. The hotel will be located in the heart of Manhattan on 39th Street between Madison and Park Avenues. This project will be followed by a second hotel on the West side that will be opening during the second quarter of 2020. The Group owns and manages hotels in 15 countries throughout three continents and is currently pursuing a long-term growth plan in North American cities and European capitals.

A leading company in Newark, the Seabra Group was founded by four brothers of Portuguese origin over 40 years ago and two of the brothers are currently working on this project with Pestana Hotel Group. Initially dedicated to the food industry, its investments now span over several businesses namely a Portuguese goods import company, a TV station and several real estate developments. Its long commitment to the local community, support of the commercial relationship between the United States and Portugal, and the Portuguese culture are fully recognized both in Newark and in Portugal.

The ceremony was attended by the Mayor's representatives, Allison Ladd, Deputy Mayor of Economic and Housing Development, Rahaman Muhammad, Deputy Mayor of Employment, Augusto Amador, Councilman East Ward, the Sheriff of Essex County, Armando Fontoura, and by Pedro Monteiro, Consul General of Portugal.