EAST RUTHERFORD, N.J. (VINnews) — A prominent hotel near the Meadowlands Sports Complex has changed hands, with its new owner planning a major renovation and a new identity as the region prepares to host a series of major international events.

P3 Properties, a New Jersey-based real estate investment and operating firm, announced it has acquired the 21-story, 427-room hotel at 2 Meadowlands Plaza. The property, a familiar landmark along Route 3, has operated under several hotel brands over the years and most recently was known as the Park Hotel.

The company said it plans to invest millions of dollars in upgrades, including improvements to building systems, elevators and infrastructure, along with a modernization of guest rooms, meeting facilities and public spaces. Following the renovations, the hotel will be rebranded as World of Blue.

Founded in 2014 by Orthodox Jewish businessman Harvey Rosenblatt, P3 Properties has grown into a vertically integrated real estate platform with more than $2 billion in assets under management. The firm focuses on acquiring and repositioning underperforming properties across office, multifamily, retail and mixed-use sectors, often targeting assets with strong fundamentals that can benefit from new investment and operational improvements.

Rosenblatt said the East Rutherford property’s location near MetLife Stadium, the American Dream complex, Newark Liberty International Airport and major highways made it a strategic acquisition.

The hotel, originally built in 1986, includes approximately 30,000 square feet of conference and meeting space and a large surface parking lot. It sits adjacent to the Metropolitan Center office complex and less than a mile from key transportation routes serving northern New Jersey and New York City.

The redevelopment comes as the Meadowlands region prepares for increased global attention, including matches of the upcoming FIFA World Cup at MetLife Stadium.

P3 said the World of Blue concept is intended to create a more contemporary hospitality experience while introducing updated amenities and redesigned common areas. The company plans to manage the property through its affiliated hospitality platform as part of its broader strategy of hands-on ownership and operations.

Local business leaders welcomed the investment, saying the project is expected to strengthen the Meadowlands’ appeal as a destination for tourists, business travelers and large-scale events.

Renovation work is expected to begin in early 2026, with P3 positioning the project as part of its ongoing effort to revitalize properties and create long-term value through active management and redevelopment. Rosenblatt said the firm views the acquisition not simply as a hotel investment, but as an opportunity to create a destination property in one of New Jersey’s busiest entertainment and business corridors.