EAST RUTHERFORD, NJ— The 427-room Sheraton Meadowlands Hotel here has been traded by one joint venture partnership to another. For $54 million, a joint venture between the Blackstone Group and Prime Hospitality Corp. sold the hotel to a partnership between the Buccini/Pollin Group and Lubert Adler Management Inc. The acquiring joint venture will renovate the hotel at a cost of $16 million. That project will kick off in January and should be completed by fall of 2006. The renovation will be phased in order to minimize guest disruption. Located at 2 Meadowlands Plaza, the 21-story hotel contains 26,500 sf of meeting space, a fitness center, an indoor pool and spa, a sauna and onsite rental car service. Wireless high-speed Internet access is available throughout the hotel. There are also three restaurants and lounges found onsite. PM Hospitality Strategies, Inc., an affiliate of the Buccini/Pollin Group, will operate the hotel. BPGS Construction will oversee the forthcoming renovation project, which will encompass all areas of the property. Guestrooms will receive new soft goods, carpeting and wall coverings during the project. All guestroom bathrooms will be completely redone during the project and will eventually feature new vanities, floor tile, framed mirrors and upgraded amenities. Jones Lang LaSalle Hotels brokered the transaction. Anglo Irish Bank provided the first mortgage for the deal.
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