And the new owners are set to launch a $16-million renovation of the asset, which sits located directly across Route 3 from the Meadowlands Sports Complex and is connected to an adjoining office tower. The makeover, slated to begin in January with a fall 2006 completion, "will encompass all areas of the property," says Dave Pollin, BPG president. "It will be done in phases in order to be least disruptive to guests.

"This is our first acquisition in the metro New York area," Pollin says. "The hotel will benefit from the major renovation and will capitalize on the growth that is transforming the Meadowlands. With several mega-projects planned or under way, the Meadowlands is transforming into an impressive destination in its own right."

Heading the list of those mega-projects, of course, is the Mills Corp.'s and Mack-Cali's massive Meadowlands Xanadu shopping and entertaining complex, which is beginning to rise around the Continental Airlines Arena. Similarly, EnCap Golf Holdings is set to start work on a project that will transform an adjacent former brownfield site into four 18-hole golf courses combined with a residential community and other facilities.

Besides its room count, the 21-story hotel also includes 26,500 sf of function space. PM Hospitality Strategies Inc., a Washington, DC-based affiliate of BPG, will manage the property. The sale transaction was brokered by Jones Lang LaSalle and Anglo Irish Bank provided the first mortgage. The renovation project is being designed by BBG-BBGM of New York City.