All Stories

iStar (NYSE: STAR), a full-service real estate investment, finance, and development company, today announced that it has partnered with Sage Hospitality Group on the management of the company’s two independent properties in Asbury Park, NJ: The Asbury and Asbury Ocean Club Hotel. Sage Hotel Management and Sage Restaurant Concepts, both Sage Hospitality Group companies, will lead the operations for the hotels and their numerous food & beverage and entertainment outlets. The process was facilitated by JLL Hotel and Hospitality Advisory Group.

Once called the “Jewel of the Jersey Shore,” Asbury Park has a long and rich history as a vacation destination for those looking to trade the buzz of New York City for an ocean breeze with a side of rock and roll. Located just 70 minutes away from Manhattan, Asbury Park has long been known as a destination for music lovers, owing to its place in rock and roll history where both Bon Jovi and Bruce Springsteen got their start. Since 2008, the city has been undergoing a renaissance and reawakening that began with the renovation of historic landmarks along the boardwalk and has continued with extensive development along the oceanfront led by iStar, whose roots in town stretch back more than a decade.

Led by innovative Chief Executive Officer Jay Sugarman, iStar is responsible for spearheading the multi-billion-dollar redevelopment of Asbury Park’s iconic 1.25-mile stretch of oceanfront. To date, iStar’s development work in the city includes The Asbury, the Asbury Ocean Club, Asbury Lanes and Monroe. Imagined by Creative Director and Design Lead Anda Andrei, working in collaboration with industry leading firms of Stonehill Taylor, Handel Architects, Oppenheim Architecture + Design, and Bonetti Kozerski, these projects have helped breathe new life into the oceanfront, and paved the way for it to reemerge as not only a vacation destination but one of the most desirable places to live along the Jersey Shore.

“iStar is first and foremost dedicated to the community of Asbury Park, and we strive to ensure that everything we do supports the growth of the City,” said Brian Cheripka, senior vice president, land and development of iStar. “We are committed to doing our part to continue to drive Asbury Park into the future as a City for people to live, play and work. We couldn’t be more excited to partner with Sage Hospitality Group on the operation of our award-winning hotels. Sage has a remarkable track record of both developing and managing stunning hospitality destinations, and a reputation for consistently delivering results. Our team looks forward to working with Sage to showcase Asbury Park as an amazing destination, and to create unforgettable memories for our guests and residents alike.”

The properties will join the Sage Independent Hotel Collection, a growing portfolio of more than 1,700 rooms that includes The Rally Hotel at McGregor Square (Denver), Hutton Hotel (Nashville), The Crawford Hotel at Denver Union Station (Denver), The Maven Hotel at Dairy Block (Denver), The Hotel Landing (Wayzata, MN), Hotel Commonwealth (Boston), The Oxford (Denver), Continuum (Jackson Hole, WY), The Hotel Zags (Portland, OR), and the soon-to-open Catbird (Denver), with several more independent properties in the pipeline to be added in 2021.

“These two stunning properties, along with the historic Asbury Lanes, are a perfect fit for our company and, in fact, represent a ‘bullseye’ in terms of the type of assets we seek to add to our growing portfolio of distinctive independent hotels. For years now, our property teams and home office organization have excelled at operating exactly these types of award-winning assets.” said Daniel del Olmo, president and COO of Sage Hotel Management, a Sage Hospitality Group Company, which will operate the two hotels.

“We anticipate, and are actively preparing for, continued growth for our Sage Independent Hotel Collection through the coming year as the economy returns to sustained growth,” del Olmo continued. “To that end, we continue to make strategic investments with the goal to not only be the management company of choice for independents, but also further enhance our best-in-class support structure and tools to help each of our hotels own the upswing as travel returns. Lastly, we couldn’t be more delighted with having iStar as our partner. Their values and business philosophy completely align with ours, and we look forward to an exciting journey ahead, together.”

The extensive food and beverage operations across The Asbury, Asbury Ocean Club Hotel and Asbury Lanes will be led by the expert team at Sage Restaurant Concepts, a Sage Hospitality Group Company, which operates more than 30 restaurants, bars and coffee shops in 11 states. No strangers to complex, multi-outlet operations, the Sage Restaurant Concepts team brings a depth of experience to the table that will allow them to deliver on and continually elevate the experience that guests have come to love in Asbury Park.

“The outlets we will be managing in Asbury Park fit perfectly in our portfolio, as they are right in our wheelhouse of operating unique venues and delivering unforgettable experiences,” said Sage Restaurant Concepts COO Meaghan Goedde. “We are excited to continue to expand our portfolio alongside Sage Hotel Management, and we look forward to welcoming the Asbury Park community back into these well-loved venues.”

Asbury Ocean Club Hotel

The Asbury Ocean Club Hotel is part of iStar’s crown jewel in Asbury Park, the Asbury Ocean Club: a gleaming 17-story mixed-use development that includes 130 stunningly appointed luxury one-, two- and three-bedroom residences with sweeping ocean views and luxe finishes. With lavish amenities like a 24/7 concierge service, a luxury cinema room, billiard room, chef’s kitchen, spa, fitness center designed by WrightFit and luxurious pool and terrace overlooking the ocean, the Asbury Ocean Club makes beach living completely effortless. A bustling retail center on the ground floor rounds out the development.

The Asbury Ocean Club Hotel, located on the fourth floor, feels like a luxe fantasy beach house with magical ocean views, hand-picked, one-of-a-kind furnishings, lush greenery, and a well-stocked bar with sunlight streaming through floor-to-ceiling glass – all set to a soundtrack of lapping surf. Guests of the hotel share the opulent indoor-outdoor spaces with residents, including the pool, expansive terrace, full-service pool bar and grill, garden pavilion with reflecting pool and an outdoor lounge with fireplace. Also located on the fourth floor, the Drawing Room welcomes guests and residents alike and serves as the heart of the hotel where guests and residents can gather, relax and reset.

The hotel’s 54 guest rooms mirror the design aesthetic of the residences, which was created by renowned interior designer Anda Andrei, who worked on some of the world's best-known boutique and lifestyle hotels. With airy textures, soft colors and modern comforts, guestrooms are luxurious without being pretentious, relaxed yet chic. Located just steps from the beach, the Asbury Ocean Club Hotel is the perfect beachside getaway. Learn more about Asbury Ocean Club at

The Asbury

The first of iStar’s hospitality ventures to open in Asbury Park, The Asbury debuted in 2016 and was the first new hotel to open in the city in more than 50 years. Built within a historic Salvation Army building, the 110-room hotel feels like Asbury Park itself – spontaneous, original, and surprising, with rock ‘n’ roll energy. The rooms are bright and modern, ranging from typical single and double rooms to bunk rooms that sleep up to eight people. The property also boasts an outdoor pool and expansive outdoor space, complete with a food truck and VW bus that has been converted to a bar for poolside provisions. An additional 4,800 sq feet of flexible indoor/outdoor event space lends itself perfectly to every kind of event, from weddings to corporate meetings.

The hotel is home to eight public spaces, including:

Salvation, a 4,000 square foot monochromatic cocktail lounge on the seventh floor; elegantly designed with lush landscaping, lit by night with hundreds of lanterns and candles, Salvation is romantic, sexy, and grown-up, with tunes from skybox DJs and mind-blowing sunset views.

The Baronet, outdoors on the fifth floor, is a surreal 4,300 square feet of lush green space, with wraparound views of the ocean and the city beyond a white picket fence. An enormous lighted sign from Asbury Park's late, great Baronet Theater hangs on a 20-foot film-projection wall. Both guests and locals come to The Baronet to enjoy morning yoga and movie nights.

Soundbooth, which serves signature cocktails from a platform made of stacked bathroom tiles. Vinyl LPs, cassette tapes, and CDs will fill a massive feature wall next to the bar; it’s a shrine to the history of music, and a tip of the hat to Asbury Park’s rocker DNA.

The Counter, which serves delicious coffee, drinks and grab-and-go fare, all made fresh daily, from morning to night

The Asbury has been extensively celebrated in the media, having been named to the coveted Travel + Leisure’s “It List” and ranked as USA Today's Best New Hotel in America in its opening year. Learn more about The Asbury Hotel at

Asbury Lanes

A mainstay in the heart of Asbury Park since it opened in 1962, Asbury Lanes embodies everything special about Asbury Park. After a loving restoration aimed at keeping as many original features as possible, Asbury Lanes reopened to the public as the same anything-goes local hangout it always was – and reborn as a state-of-the-art music venue whose wild history permeates every square foot. Connected by a secret passage to The Asbury, Asbury Lanes has played host to major musical acts like Bruce Springsteen, The Bouncing Souls, Me First and the Gimme Gimmes, and Portugal. the Man and will continue to host major national acts in the future. When not hosting concerts, the Lanes acts as a gathering spot for the community and visitors alike. Learn more about Asbury Lanes at

Each of the four companies within Sage Hospitality Group will contribute to the future success of Asbury Ocean Club Hotel, The Asbury and Asbury Lanes. Beyond the operational expertise that Sage Hotel Management and Sage Restaurant Concepts bring to the project, the company’s branding and creative arm, Sage Studio, will lend their knowledge and expertise to bring hotel’s unique story to life and find opportunities to create new and exceptional experiences. While not directly investing in the properties, Sage Investments will provide operational teams with guidance on how to always “think like an owner yet act like a partner.”

Story Type

Our Work