Integrated Properties Nabs $200M Atlantic City Tower Hotel
- Jan 11, 2018
Integrated Properties has acquired the former Revel Casino Hotel in Atlantic City, N.J., for $200 million. The new owner plans to rebrand and reposition the 1,399-key property as Ocean Resort Casino. JPMorgan Chase provided financing for the deal. The seller, Glenn Straub, had purchased the building out of bankruptcy for $82 million in 2015, a steep decrease from the complex’s initial development cost of $2.4 billion.
Located at 601 Boardwalk, the hotel opened its doors in 2012, after five years of construction work. The tallest structure in Atlantic City at 57 stories high, the property had closed its doors in September 2014 after the casino filed for its second bankruptcy in as many years. Once the building becomes operational under the new ownership, it is expected to generate between 2,500 and 3,000 jobs in the city.
Big space, big opportunity
The 6.4 million-square-foot building includes 138,000 square feet of space for gaming, 165,000 square feet of convention and event space and a 5,700-square-foot concert hall. The development is served by a multi-level parking structure with 7,700 spaces.
“We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides. Now the city has a number of exciting new projects with our property and the Hard Rock as well as Stockton University’s new campus and the expansion of the medical center,” said Bruce Deifik, founder, president & CEO of Integrated Properties, in a prepared statement.
As renovation preparations begin at the Ocean Resort Casino, another Atlantic City hotel and casino is expanding its footprint by 300 guestrooms.
Image courtesy of Integrated Properties