By: Dan Orlando
After multiple delays, Brookfield Asset Management was announced as the highest bidder for the recently closed Revel Hotel and Casino in Atlantic City, New Jersey.
Revel Hotel and Casino (currently vacant)
Brookfield notched a bargain with their bid, offering $110 million for the property which cost $2.4 billion to construct. The resort wields 6.3 million sf, nearly 1,400 rooms with ocean views, and three areas designated for night clubs.
“Revel is a brand new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” Andy Willis, a Brookfield spokesman, said.
Exact plans for the building are not yet revealed but Brookfield did say that the structure will remain a hotel.
“We’re not currently in a position to discuss the business plan as we continue to explore various options,” said Willis, “[but] we will be in discussions with all parties and partners involved to formulate a feasible plan that ensures the long term viability of this property as a resort destination.”
A hearing to officially approve the sale is slated for October 7th. It is worth noting that Brookfield is currently navigating liquidity issues related to its Hard Rock property in Las Vegas.
Should the deal fall through, Glenn Straub of Florida is the next in line to buy the property after offering a cash-based $95.4 million bid.
