A landmark hotel beside MetLife Stadium is being reborn just as the Meadowlands prepares for its biggest global spotlight yet.

P3 Properties, the New Jersey real estate firm founded by Orthodox Jewish developer Harvey Rosenblatt, has acquired the former Sheraton/Hilton Meadowlands at 2 Meadowlands Plaza in East Rutherford, most recently known as the Park Hotel, and is transforming it into World of Blue, a 21-story, 427-room independent hotel and event venue. P3’s own portfolio lists the deal as a $32 million acquisition, with the property carrying a prior loan of roughly $70 million.

P3 is pushing a reported $100 million redevelopment that includes major work on HVAC, elevators, building systems, guest rooms, interiors, meeting spaces and public areas. The hotel’s own site now markets 35,000+ square feet of event space, 22 event spaces, 427 rooms, a restaurant, a speakeasy bar, an indoor pool and a location just 0.3 miles from MetLife Stadium.

MetLife Stadium is set to host eight FIFA World Cup matches, including the final, while the NYNJ Host Committee projects more than 1.2 million visitors and $3.3 billion in regional economic activity tied to the tournament. P3 is trying to own one of the most valuable hospitality doorsteps in America at the exact moment the world is coming through it.

World of Blue is being pitched as more than a place to sleep. P3 is aiming at corporate hosts, sponsors, VIP travelers, private events, watch parties and large-scale gatherings, with Rosenblatt calling it “a hospitality command center.” That matters because the property sits near MetLife, American Dream, Newark Liberty International Airport and major highways, a rare convergence point for sports, business, tourism and events.

There is also a clear Jewish community angle. World of Blue is advertising a glatt kosher events operation, a Shabbos elevator, a Shabbat-observant floor and what it calls the largest kosher-capable ballroom in the New York metro area outside Manhattan. The Horizon Ballroom is marketed as seating up to 1,200 for a plated dinner, making the property a potential heavyweight for Jewish weddings, Shabbos programs, bar mitzvahs and large communal gatherings.

The firm says it has more than $2 billion in assets under management across more than 20 properties in seven states, with a focus on buying underperforming properties and rebuilding their value through hands-on ownership. World of Blue now becomes the most visible version of that strategy, a once-familiar hotel tower turned into a branded destination, timed for the biggest sporting event the region has ever hosted.