The buyer was represented by Joe McCann, president of the Fairfield, CT-based Optimum Hotel Brokerage, who declined to identify the new owner. FelCor was represented by Dennis Reed of the Tampa, FL-based Plasencia Group.

The Crowne Plaza Meadowlands is a full-service, 14-story asset located near Manhattan. The property, which includes more than 30,000 sf of ballroom and meeting space, was last renovated in 1999, according to FelCor's website.

"The hotel is strategically located in a high-barrier-to-entry market," McCann says. "We identified this underperforming asset as an opportunity for attracting additional niche lodging markets. With its central location in the New York metro market, we felt this property would be an ideal facility for Kosher catering and weekend Kosher group business, which are currently being underserved in the market."

Besides the Crowne Plaza sale, Optimum recently arranged the sales of the 350-room Crowne Plaza in Hartford, CT; the 84-room Hampton Inn in Sturbridge, MA, the 153-room Best Western Airport in Albany, NY and the 170-room Radisson in Rochester, NY.