Optimum Bank Lends $25M for Hotel Acquisition Near MetLife Stadium

A New Jersey developer has netted a key goal for a newly acquired hotel property just yards from where World Cup soccer matches will kick off in June at MetLife Stadium. 

P3 Properties has scored $25.2 million of acquisition financing from OptimumBank to purchase the former Hilton Meadowlands hotel at 2 Meadowlands Plaza in East Rutherford, N.J., with plans to rebrand the hotel with an assist from soccer’s biggest stage, Commercial Observer can first report. 

The 21-story property, which ceased operations as a 427-key Hilton hotel in December 2025 after nearly 40 years, was sold to P3 by Buccini Polin for an undisclosed price. P3, which is led by Harvey Rosenblatt, plans to rebrand the property following capital improvements as event space World of Blue, with eyes toward hosting conferences, parties and corporate functions.

“This project has been underway for the past six months and has involved an incredible amount of learning as we’ve reimagined the space as a true event center,” Rosenblatt said in a statement. “The transformation of this landmark property is now moving into its next phase, with construction beginning in February, and we expect the majority of the work to be completed ahead of the World Cup.”

World of Blue is already booking events and hotel stays at the location while renovations are underway, offering discounted rates through March during the construction phase, according to a report on the website JewishLink.

MetLife Stadium, which is two miles from the hotel, will host eight World Cup matches, starting June 13 when Brazil takes on Morocco and culminating in the championship final on July 19. The 82,000-seat stadium is also the shared home of the National Football League’s New York Giants and New York Jets. 

Rosenblatt added that a “wide range of gatherings” will be held at the rebranded World of Blue, including dance performances, weddings, galas and trade shows. The former Hilton Meadowlands previously had been an active hotel with more than 30,000 square feet of event space from 1986 until the COVID-19 pandemic struck in 2020, according to P3. 

Meridian Capital Group negotiated the financing with a team led by Eli Finkel and Rael Gervis.

“Harvey Rosenblatt and the P3 Properties team bring a clear vision and strong execution to the repositioning of the asset, viewing the site as a global event hub, an adaptable space capable of hosting a wide range of domestic and international programming,” Finkel said in a statement. “With the right focus, the event-driven revenue profile can be reestablished in a meaningful way.”

OptimumBank did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.