Friday, February 26, 2016

Former Showboat Casino Hotel Sells Again

Richard Stockton College of New Jersey sold the former Showboat Atlantic City at 801 Boardwalk in Atlantic City, NJ to Tower Investments, Inc. for $23 million, or just $17,000 per room.

Stockton College purchased the vacant property from Caesars in December 2014 for $18 million with the intention of opening their Atlantic City campus and student housing there. Land use restrictions prevented Stockton from moving forward with those plans, so the property was sold for the second time in 14 months.

The 23-story, 1.73 million-square-foot hotel and casino had 1,330 rooms above entertainment and retail space when it shuttered. The asset was built in 1999 on 23.1 acres and features boardwalk access.

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