ATLANTIC CITY, NJ_A Florida hotel company reportedly reached a deal Tuesday to buy the Claridge hotel tower from Bally's Atlantic City, but the hotel casino is not part of the sale.
TJM Properties of Clearwater said it will acquire the 500-room Claridge, but provided no further details.
"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," Kevin Ortzman, a senior vice president of Bally's told the Associated Press. (see story here).
"Through its investment, TJM will be adding non-gaming amenities that will enhance the experience of guests of the Claridge, Bally's and the entire city," said Ortzman, who is also an executive with Caesars Atlantic City and the Showboat Casino-Hotel, three of the four Atlantic City casinos owned by Caesars Entertainment Inc.
The sale is expected to close within 90 days.
The Claridge opened in 1930 and once was the tallest building in New Jersey at 370 feet. Its casino is, on the other hand, the smallest of Atlantic City's dozen. The casino had declining receipts so far this year, as Atlantic City contnues to reel from out-of-state competition in New York and Pennsylvania.
"We are excited about the great opportunity to own and operate this magnificent historic hotel," said Matt McCarthy of TJM Properties.
TJM operates 10 hotels in the Tampa Bay area, including three under the Quality Inn, Baymont Inn and Howard Johnson flags. The company also owned and operated senior living communities, but sold most of them in August.
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