NORTHRIDGE >> The towering Valley Performing Arts Center may soon have a nearby twin at Cal State Northridge: an on-campus Hyatt hotel, the university announced Thursday.

The university has inked a deal with Jupiter Realty Co. LLC to build a 150-room Hyatt Place Hotel to replace the Orange Grove Bistro faculty club on the southeast corner of campus. The five-story hotel, restaurant and conference center is expected to open in 2019 next to the historic campus orange grove.

“By partnering with Jupiter Realty, CSUN is taking a forward-thinking but prudent approach to development,” CSUN President Dianne F. Harrison said in a statement. “This new hotel and restaurant not only will be a tremendous new amenity for the campus community and surrounding neighborhood, but will also provide additional financial support for the university — at no cost to the state of California and no cost to our students.”

The university announced its letter of intent with Jupiter Realty during on-campus meetings Wednesday with students, faculty and staff.

The proposed $52 million hotel and restaurant, if approved by the California State University Board of Trustees, would allow CSUN to house student alumni and visiting family members, host campus events and programs and support academic and business communities across the region.

Funded by the developer, the Hyatt would “generate increasing annual revenue for the university over the life of the agreement,” according to the university.

Construction is expected to begin early next year on the southeast corner of Nordhoff Street and Matador Road on nearly 3 acres now occupied by the 44-year-old Orange Grove Bistro and University Club, which CSUN officials say does not meet current campus needs.

The L-shaped Hyatt would occupy a prominent spot next to the legacy orange grove of more than 400 trees and just across from the majestic Valley Performing Arts Center.

Artistic renditions of the proposed hotel suggest a five-story hotel with a peaked corner roof, sunlit rooms and a giant trellis soaring across to a stand-alone restaurant. Stantec, an international architectural firm, has designed hotel garden of heritage sycamores to extend into the adjacent grove and pond.

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The Hyatt, operated by Hostmark Hospitality Group, would include 148 rooms, 1,800 square feet of dining space and 3,000 square feet devoted to events and conferences.

The 6,600-square-foot low-slung restaurant and bar would be open seven days a week and be run by an undetermined operator. Nearby parking would accommodate 195 cars.

The public-private development could generate more than $2 million a year in income for the university, according to a recent market analysis by PKF Consulting, Inc. With 78 percent occupancy by the middle of the next decade, it could rake in nearly $3.5 million.

The average daily room rate is projected to start at $154 a night and grow to $201 by 2026.

As such, it would join Cal Poly Pomona and Cal State Fullerton, plus a growing number of universities across the nation, to host on-campus hotels.

Cal State Northridge, the third largest university in the state, has been planning the hotel for two decades.

Officials say out-of-town visitors to CSUN and its 40,000 students do not have nearby hotel accommodations. The closest hotel, among a dozen full-service facilities of equal size, is nearly 5 miles away.

The new hotel would not only serve visiting scholars, alumni and family members for CSUN students, they say. It would support the growing success of the nearby performing arts center, plus the university’s 19 NCAA Division 1 athletic teams.

The Hyatt Place will also offer CSUN students who major in hospitality, recreation and tourism a chance to gain hotel experience as campus interns.

“We are excited to partner with CSUN on this project,” said Jerry Ong, principal and executive vice president of Jupiter Reality, based in Chicago. “CSUN is a vibrant and bustling university, and we look forward to working together to develop this Hyatt Place to serve the campus, as well as the surrounding area.”