FINDING VALUE OTHERS OVERLOOK

2 MEADOWLANDS PLAZA

EAST RUTHERFORD, NJ 07073

HOTEL PROPERTY

PURCHASED:
2013
PARTNERS: The Buccini/Pollin Group, AIG (NYSE: AIG) and Private Investors
LENDER: Pacific Coast Capital Partners
PROPERTY: 21-story, 427-room hotel
HOTEL FLAG: Hilton (NYSE: HLT)


In October of 2013 Hidrock formed a partnership with The Buccini/Pollin Group and AIG (NYSE: AIG) to purchase the Sheraton Meadowlands Hotel & Conference Center at a rate more than 30 percent less than what was paid in 2005. The property is the closest hotel to MetLife Stadium and the American Dream Complex which is on schedule to open in 2015.

Hidrock took the title to the building and immediately began renovations to convert the Sheraton to a Hilton. This transistion allowed the property reach a broader demand base and to see a significant boost in rate and occupancy. The hotel is in an ideal location to meet the demand of tourists visiting New York City, attending football games and experiencing the American Dream Complex.

The property consists of a 21-story hotel tower and a 3-story public area/function space atrium. It also boasts over 30,000 square feet of meeting space, including a 4,100 square foot International Association of Conference Centers (IACC) conference center and an 11,520 square foot ballroom (the largest in Northern New Jersey). The Chairman’s Grill & Lounge restaurant, indoor pool, newly renovated fitness center and full-service Starbucks round out the amenities.


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