United Capital Corp. (NYSE Amex: AFP) today announced the purchase of a
mortgage note encumbering the DoubleTree Miami Mart Hotel and Convention
Center in Miami, Florida. The mortgage has a total outstanding balance
of approximately $60 million and is secured by a 12 story, 334 room
hotel, as well as a 166,000 square foot Convention Center and 24,000
square feet of retail space, known as the Plaza Shops. The property is
located at the Miami International Airport, ranked 3rd in the
country by number of international passengers, and is a short distance
from downtown Miami and South Beach. The note is currently in default
and United Capital expects to take title to the property at the
foreclosure sale, currently scheduled for July 30, 2009.
In commenting on the announcement, A.F. Petrocelli, United Capital’s
President and Chairman noted, “We are excited to add another fine hotel
property to our portfolio. We plan to invest an additional $12 million
in renovations and improvements which will also add jobs to the local
community.”
Certain statements in this press release and other statements made by
the Company or its representatives that are not strictly historical
facts are “forward-looking” statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that should be considered as
subject to the many risks and uncertainties that exist in the Company's
operations and business environment. The forward-looking statements are
based on current expectations and involve a number of known and unknown
risks and uncertainties that could cause the actual results, performance
and/or achievements of the Company to differ materially from any future
results, performance or achievements, expressed or implied, by the
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, and that in light of the
significant uncertainties inherent in forward-looking statements, the
inclusion of such statements should not be regarded as a representation
by the Company or any other person that the objectives or plans of the
Company will be achieved. The Company also assumes no obligation to
publicly update or revise its forward-looking statements or to advise of
changes in the assumptions and factors on which they are based. See our
2008 Annual Report on Form 10-K for a discussion of risk factors that
could impact our future financial performance and/or cause actual
results to differ significantly from those expressed or implied by such
statements.
United Capital Corp. and its subsidiaries own and manage real estate and
hotel properties and provide engineered products to industrial and
automotive markets worldwide.
United Capital Corp.
Anthony J. Miceli, 516-466-6464
Chief
Financial Officer
Fax: 516-829-4301
www.unitedcapitalcorp.net
