Prime Hospitality Corp. (NYSE: PDQ) and United Capital Corp. (Amex: AFP) announced today the completion of their 50/50 joint acquisition of the Sheraton Meadowlands Hotel and Conference Center, located in East Rutherford, New Jersey, for an undisclosed price. The hotel will continue to operate under the Sheraton flag and will be managed by Prime Hospitality Corp.
The property, built in 1986, recently benefited from a $5.1 million, room-centered renovation. The 21-story building is recognized as a landmark in the high-profile New York market. The 425-room hotel is the largest in Prime`s portfolio and boasts 50,000 square feet of meeting space, including a conference center certified by the International Association of Conference Centers and the largest ballroom in northern New Jersey.
Centrally-located just five miles outside Manhattan and ten miles from Newark International Airport, the Sheraton is adjacent to the Meadowlands Sports Complex—home to the NFL`s New York Giants and Jets, the New Jersey Devils (NHL) and Nets (NBA), horseracing at the Meadowlands Racetrack as well as entertainment and special events. Amenities include two restaurants, a lounge, a health club, an indoor pool with views of the Manhattan skyline, concierge lounge, business center and gift shop.
“Prime Hospitality currently owns and manages more than a dozen full-service hotels in the New York metropolitan area,” said A.F. Petrocelli, Prime Hospitality`s Chairman and CEO. “Adding a property of this caliber, in this particular market, is a significant addition to our portfolio. Acquisitions of this class will continue to play a role in our growth strategy.”
Prime Hospitality Corp.(R), one of the nation`s premiere lodging companies, owns, manages, and franchises more than 244 hotels throughout the United States. Prime Hospitality owns and operates two proprietary brands, AmeriSuites(R) (all-suites) and Wellesley Inns & Suites(SM) (limited-service). Also within Prime Hospitality`s portfolio are owned and/or managed hotels operated under franchise agreements with national hotel chains including Hilton, Radisson, Sheraton, Holiday Inn and Ramada. United Capital Corp. is a real estate, manufacturing and investment company in which A.F. Petrocelli is chairman and chief executive officer and has a controlling ownership interest.