I assume it was only in operation for a few years after Beach Club opened. I've heard it was mostly a seafood restaurant, but people were disappointed because the restaurant was named after the Little Mermaid yet it was fancy and didn't have characters.
Here's the only information I could find about it, from a 1991 article about YC and BC's opening:
"In the Beach Club, Ariel's restaurant offers such selections as baked Maine lobster stuffed with crabmeat ($29.50) and a "pasta nest" of lobster sauteed in lemon garlic butter ($26.50)."