Wednesday, April 23, 2014

Atlantic City's Claridge Hotel Sells for $12.5M

TJM Property Management, Inc. purchased The Claridge Hotel at 1900 Pacific Ave. in Atlantic City, NJ for $12.5 million, or $25,000 per room, from Caesars Entertainment Corporation. 

The 300,000-square-foot hospitality building was originally built in 1929. The hotel consists of 500 guest rooms and is one of the tallest structures in Atlantic City. The hotel was originally a casino/hotel; however at the time of sale all of the gaming floors were removed. Due to deed restrictions, gaming floors will not be re-added.

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