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The Buccini/Pollin Group and Lubert Adler Management Inc. JV Acquires Sheraton Meadowlands Hotel and Conference Center; Hotel Will Undergo $16 Million Renovation.

Publication: Business Wire
Publication Date: 19-SEP-05 		Format: Online - approximately 753 words
Delivery: Immediate Online Access

Article Excerpt
EAST RUTHERFORD, N.J. -- Officials of The Buccini/Pollin Group (BPG), a leading real estate development, management and ownership company, today announced that the company has entered into a joint venture with Lubert Adler Management Inc., a private investment firm, to acquire the 427-room hotel Sheraton Meadowlands Hotel and Conference Center for $54 million from a joint venture between The Blackstone Group, a private investment firm, and Prime Hospitality Corp. The hotel will undergo a $16 million renovation, which will begin in January 2006 and is expected to be completed next fall. The renovation will be done in phases in order to be least disruptive to guests.

"This is our first acquisition in...

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