Prime JV Picks Up Sheraton Meadowlands

EAST RUTHERFORD, NJ— Prime Hospitality Corp. and United Capital Corp. have reportedly completed their 50/50 joint acquisition of the Sheraton Meadowlands Hotel and Conference Center here for an undisclosed price. The hotel will continue to operate under the Sheraton flag and will be managed by Fairfield, NJ-based Prime Hospitality Corp. The property, built in 1986, recently completed a $5.1-million room-centered renovation. The 21-story, 425-room hotel shapes up as the largest lodging property in Prime’s portfolio, and boasts 50,000 square feet of meeting space, including a conference center (certified by the International Association of Conference Centers) and what has been billed as the largest ballroom in northern New Jersey. Other amenities include two restaurants, a lounge, a health club, an indoor pool (with views of the Manhattan skyline), concierge lounge, business center and gift shop. Looking ahead, Prime Hospitality Chairman/CEO A.F. Petrocelli maintained: “Acquisitions of this class will continue to play a role in our growth strategy.”