United Capital Corp. (NYSE Amex: AFP) today announced the purchase of a mortgage note encumbering the Ocean Place Resort & Spa and Conference Center, in Long Branch, New Jersey. The mortgage has approximately $60 million in total outstanding obligations and is secured by this 12-story, 254 room hotel which sits on 16 beach-front acres and includes a 35,000 square foot conference center, two restaurants, tennis courts and a full service spa. The note is currently in default and United Capital intends to pursue all of its legal remedies up to and including foreclosure. In commenting on the announcement, A.F. Petrocelli, United Capital’s Chairman and President, noted “This is the premier ocean front location along the Jersey Shore and the only destination with direct beach front access along the North Jersey Coastline.” 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 2009 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.