EAST RUTHERFORD, NJ-Prime Hospitality, based in Fairfield, NJ, has teamed up with the Great Neck, NY-based United Capital Corp. to buy the 425-room Sheraton Meadowlands Hotel and Conference Center here. Under the terms of the partnership agreement, each entity will own 50% of the landmark property, which is located adjacent to the Meadowlands Sports Complex, and Prime Hospitality will manage it. No further details of the sale, including the sale price and the identity of the seller, were disclosed.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.