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| GREAT NECK, New York, February
29, 2012…United Capital Corp. (OTC Pink: UCAP) announced today that it
has
acquired the Ocean Place Resort & Spa located on a pristine stretch
of
shoreline in Long Branch, New Jersey. The Ocean Place Resort & Spa is a 12-story, 254 room full-service hotel located on almost 17 beach-front acres on the New Jersey Coastline and includes 40,000 square feet of meeting and event space, a private beach, two restaurants, a state-of-the-art fitness facility, a full-service European spa, tennis courts, and both indoor and outdoor pools. The hotel is the perfect location for the business traveler, regional association meeting, as well as a great host for weddings and other local social events. In commenting on the announcement, A.F. Petrocelli, United Capital’s Chairman and President, noted “Whether visiting for business, family vacation, or a beach-front wedding, this premier ocean front hotel is the perfect destination spot and a tremendous addition to our growing portfolio. 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.” The Company also owns and operates hotels in Atlanta, GA, Windsor Locks, CT, Miami, FL, Utica, NY, and Nashua, NH. 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 2010 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. |
| Contact: Anthony J. Miceli Chief Financial Officer www.unitedcapitalcorp.net (516) 466-6464 |
| Also See: |
United
Capital Corp. Buys Multimilion Mortgage on Ocean Pace Resort & Spa
in Long Branch, New Jersey; Property Currently Scheduled for Sheriff's
Sale in January / December 2010 |