New Ownership Company Will Invest $15 Million for Ocean Place Improvements

has been acquired by a new company that is hoping to invest $15 million into the Long Branch hotel.

United Capital Corp announced it acquired the hotel, located at 1 Ocean Blvd on Wednesday afternoon. The company also owns and operates hotels in Florida, Connecticut, New York, Georgia and New Hampshire.

A.F. Petrocelli, United Capital’s Chairman and President said the company has plans to improve and renovate the property.

"Our plans for this property include a $15 million investment in improvements and renovations that will make this the most desired ocean front property along the Jersey shore and will surely add jobs and revenue to the local economy,” Petrocelli said in a release.

Redevelopment plans for Ocean Place Resort & Spa were developed and submitted to the Long Branch Planning Board in the past, but the plans were put on hold after the previous owner .

Ocean Place Development LLC, the previous owners of the hotel, filed for Chapter 11 in  early 2011 to "put a restructuring plan together" for the hotel according to hotel General Manager Brian Czechowski.

A new management company Coakley & Williams Hotel Management Company, based out of Greenbelt, Md., and a new equity partner, Jeffrey Fernback, president of Fernmoor Homes of Jackson, were brought aboard in April to manage the hotel.

During Tuesday night's Long Branch Council meeting, the council passed a resolution terminating Ocean Place Development LLC's state liquor license and issued a plenary retail consumption liquor license to United Capital Corp.

"This will make sure there is a seamless transition so they can continue serving (alcohol)," Long Branch Business Administrator Howard Woolley said.

This is a breaking news story that will updated as soon as more details become available.