"Adding a property of this caliber, in this particular market, is a significant addition to our portfolio," says A.F. Petrocelli, chairman and CEO of Prime Hospitality, which has a total of 244 hotel properties. "We currently own and manage more than a dozen hotels in the New York metropolitan area, and this property is the largest in our portfolio. Acquisitions of this class will continue to play a role in our growth strategy."
The Prime/United Capital partnership will continue to operate the hotel, which was built in the mid-'80s, under the Sheraton banner. The 21-story Sheraton Meadowlands, which is located about five miles west of Manhattan and 10 miles from Newark Liberty International Airport, recently underwent a $5.1 million renovation rooms that focused at upgrading the property's guest rooms, according to Petrocelli. It has a total of some 50,000 sf of meeting space and is said to have the largest ballroom space in Northern New Jersey.
As part of its overall portfolio, Prime Hospitality owns and operates two proprietary brands, AmeriSuites, an all-suite chain, and Wellesley Inns and Suites, a limited-service operation. The company also owns, manages and/or operates Hilton, Radisson, Sheraton, Holiday Inn and Ramada properties under franchise agreements.
United Capital Corp., meanwhile, is a real estate, manufacturing and investment company of which Petrocelli is chairman and CEO and has a controlling ownership interest.
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