500-room Claridge Hotel Tower in Atlantic City Sold to TJM Properties, Inc.
October 31, 2013 - Caesars Entertainment Bally's Atlantic City hotel and casino today announced that TJM Properties, Inc., a Clearwater, Florida, based hotel operator, has agreed to purchase the 500-room Claridge Hotel Tower. Terms of the transaction 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 Showboat. The sale is expected to close within 90 days, subject to customary closing conditions.
"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," Ortzman said. "TJM's plans are in keeping with our goal of adding non-gaming amenities to Atlantic City, such as the 250,000 square foot meeting and conference center - the largest in the Northeast - that we're building at Harrah's Atlantic City."
One of the hotel towers housing Bally's guests, the 500-room Claridge opened in 1930 and at 370 feet was the tallest building in New Jersey until 1989.
"We are excited about the great opportunity to own and operate this magnificent historic hotel," said Matt McCarthy of TJM Properties. "We look forward to bringing more non-gaming amenities to the Atlantic City community."
TJM Properties operates 10 hotels in the Tampa Bay Area, three under the Quality Inn, Baymont Inn and Howard Johnson flags. The company also owned and operated more than 19 Senior Living Communities with over 2,500 units. In August, they sold 15 of the Senior Living properties for more than $200 million.
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