{"id":1004203249,"date":"2018-01-11T02:12:14","date_gmt":"2018-01-11T10:12:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004203249"},"modified":"2022-12-08T22:04:28","modified_gmt":"2022-12-09T06:04:28","slug":"integrated-properties-nabs-200m-atlantic-city-tower-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/integrated-properties-nabs-200m-atlantic-city-tower-hotel\/","title":{"rendered":"Integrated Properties Nabs $200M Atlantic City Tower Hotel"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004203251\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Ocean-Resort-Casino.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004203251\" data-attachment-id=\"1004203251\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/integrated-properties-nabs-200m-atlantic-city-tower-hotel\/ocean-resort-casino\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Ocean-Resort-Casino.jpg\" data-orig-size=\"700,543\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Ocean Resort Casino\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Ocean Resort Casino&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Ocean-Resort-Casino.jpg?w=700\" class=\"wp-image-1004203251 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Ocean-Resort-Casino.jpg\" alt=\"Ocean Resort Casino\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Ocean-Resort-Casino.jpg 700w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Ocean-Resort-Casino.jpg?resize=300,233 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004203251\" class=\"wp-caption-text\">Ocean Resort Casino<\/p><\/div>\n<p>Integrated Properties has acquired\u00a0the former Revel Casino Hotel\u00a0in 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\u2019s initial development cost of $2.4 billion.<\/p>\n<p>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.<\/p>\n<h2>Big space, big opportunity<\/h2>\n<p>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.<\/p>\n<p><em>\u201cWe 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&#8217;s new campus and the expansion of the medical center,\u201d<\/em> said Bruce Deifik, founder, president &amp; CEO of Integrated Properties, in a prepared statement.<\/p>\n<p>As renovation preparations begin at the Ocean Resort Casino, another <a href=\"https:\/\/www.commercialsearch.com\/news\/tropicana-entertainment-buys-chelsea-hotel-in-atlantic-city\/\">Atlantic City hotel and casino<\/a> is expanding its footprint by 300 guestrooms.<\/p>\n<p><em>Image courtesy of Integrated Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property, a former hotel and casino which opened in 2012 and shuttered two years later, contains 1,400 guestrooms and is expected to bring 3,000 jobs to the city.<\/p>\n","protected":false},"author":861,"featured_media":1004203251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21751,21783,21742,10],"tags":[38835,35274,38836,38834],"class_list":["post-1004203249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-hotel","category-investment","category-latest","category-northeast","tag-glenn-straub","tag-jpmorgan-chase","tag-ocean-resort-casino","tag-revel-atlantic-city"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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