Joint Venture Acquires Sheraton Meadowlands

EAST RUTHERFORD, NJ— Prime Hospitality and United Capital Corp. have entered into a 50/50 joint acquisition deal to purchase the Sheraton Meadowlands Hotel and Conference Center for an undisclosed price. Going forward the hotel will continue to operate under the Sheraton flag and will be managed by Prime Hospitality. The property, built in 1986, recently benefited from a $5.1 million, room-centered renovation. The 425-room hotel is the largest in Prime Hospitalitys portfolio and houses 50,000 square feet of meeting space, including a conference center certified by the International Association of Conference Centers and the largest ballroom in northern New Jersey.