NEW JERSEY—RockBridge Partners, a division of RockBridge, and Concord Hospitality Enterprises have acquired the Renaissance Meadowlands Hotel for an undisclosed purchase price.

The new joint venture ownership plans to embark on a $5.25 million renovation that will include the guest rooms and bathrooms, public space upgrades, expanded fitness center and the Renaissance Great Room concept, which will be a redesign of the common spaces within the hotel like the lobby, check in area and restaurant.

The Renaissance Meadowlands Hotel is located less than 10 miles from Manhattan and is convenient to Newark, LaGuardia and JFK airports. Public transportation to Manhattan is within walking distance, and the hotel is located near Interstate 95, the N.J. Turnpike and the Garden State Parkway.

Developed by Concord in 2000 and later managed by the company, the Renaissance Meadowlands Hotel contains 167 rooms. Previously, RockBridge provided first mortgage financing for the property upon its opening.