LONG BRANCH, NJ-United Capital Corp. acquired the Ocean Place Resort & Spa here out of bankruptcy for $41 million. The 12-story, 254-room full-service hotel is located on almost 17 beach-front acres. United Capital plans $15 million in improvements and renovations on the property.
“It’s the only hotel on the beachfront from New York to Atlantic City,” says A.F. Petrocelli, United Capital’s chairman and president, in the announcement.
The project also includes 40,000 square feet of meeting and event space, a private beach, two restaurants, a state-of-the-art fitness facility, a full-service European spa, tennis courts, and both indoor and outdoor pools.
Major expansion plans by a previous owner, Ocean Place Development LLC, were derailed when it filed for Chapter 11 in 2011. That company retained Greenbelt, MD-based Coakley & Williams Hotel Management Co. to manage the property. United Capital had owned the note on the property for the past 18 months, Petrocelli says, As of the acquisition, United Capital has taken over management of the property, and plans significant improvements.
“We finally got control of the hotel,” he says. “We have to put a lot of money into fixing it. We’re going to do as much as we can before the season.”
The remainder of the renovation will take place after the summer high season. Expansion plans are well into the future.
“All our thoughts and energies are on enhancing the [existing] property,” he says.
United Capital also owns and operates hotels in Atlanta, GA, Windsor Locks, CT, Miami, FL, Utica, NY, and Nashua, NH.
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