Prime Hospitality Corp. (NYSE: PDQ) and United Capital Corp. (Amex: AFP) announced today that each company has sold a 10% share in the Sheraton Meadowlands Hotel and Conference Center, located in East Rutherford, New Jersey, to a subsidiary of Ark Investment Partners LP for an undisclosed price. The hotel is operated under the Sheraton flag and managed by Prime Hospitality Corp.
Built in 1986, the 21-story, 425-room hotel is the largest in Prime`s portfolio and is recognized as a landmark in the high-profile New York market. The hotel 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. The hotel recently benefited from a $5.1 million room-centered renovation.
“We are happy to add another partner who is excited by the opportunity to invest their capital in this landmark property,” said A.F. Petrocelli, Prime Hospitality`s Chairman and CEO. “Ark is a premier real estate investment company and we look forward to working with them again as we continue with our growth strategy.”
Prime Hospitality Corp., one of the nation`s premiere lodging companies, owns, manages, develops and franchises more than 240 hotels throughout North America. The Company owns and operates three proprietary brands, Prime Hotels & Resorts(SM) (full-service), AmeriSuites(R) (all-suites), and Wellesley Inns & Suites(R) (limited service). Also within Prime`s portfolio are owned and/or managed hotels operated under franchise agreements with national hotel chains including Hilton, Radisson, Sheraton and Holiday Inn. Prime can be accessed over the Internet at http://www.primehospitality.com.
United Capital Corp. is a real estate, manufacturing and investment company in which A.F. Petrocelli is Chairman and CEO and has a controlling ownership interest.
Ark Investment Partners LP, led by Brad Reiss, CEO, is an institutionally funded and discretionary provider of capital for the acquisition, recapitalization, and expansion needs of companies in a variety of industries. Ark can be accessed over the Internet at http://www.arkfinance.com.