A FLORIDA HOTEL company has reached a deal to buy the
Claridge hotel tower portion of Bally's Atlantic City, but the casino itself is
not part of the sale.
TJM Properties, Inc., a Clearwater, Fla., hotel operator,
announced yesterday that it's buying the 500-room Claridge hotel tower. Terms
of the sale were not disclosed.
"We are very pleased with TJM Properties' extensive
experience and its plan to keep the hotel open and operating while it upgrades
the rooms, installs a new front desk and restaurant," said Kevin Ortzman,
senior vice president of Bally's, Caesars Atlantic City and the Showboat
Casino-Hotel, three of the four AC casinos owned by Caesars Entertainment Inc.
"Through its investment, TJM will be adding nongaming
amenities that will enhance the experience of guests of the Claridge, Bally's and
the entire city," Ortzman said.
The sale is expected to close within 90 days.
The Claridge used to be a stand-alone casino before it was
bought by the company that owns Bally's and three other AC casinos.
The Claridge opened in 1930 and, at 370 feet, was the
tallest building in New Jersey until 1989. The smallest casino in the city, its
motto was "Smaller Is Friendlier."
"We are excited about the great opportunity to own and
operate this magnificent historic hotel," said Matt McCarthy of TJM
Properties.
Katie Dougherty, a spokeswoman for Caesars Entertainment,
said the casino itself will not change hands.
"They're looking at nongaming amenities, entertainment,
things like that," she said. "They never mentioned anything about
wanting a casino license."
TJM Properties operates 10 hotels in the Tampa Bay area,
including three under the Quality Inn, Baymont Inn and Howard Johnson flags.
Source: Philly.com
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