TJM properties has sold the Atlantic Club Casino Hotel to New York City-based investment and construction company Colosseo Atlantic City INC.
Earlier in 2014, TJM bought the ClaridgeHotel, after it was shut and sold by Caesars Entertainment. TJM paid $13.5 million for the property.
The initial owner of the property was Steve Wynn, the former Wynn Resorts CEO. After that, the casino was named Bally’s Grand Hotel and Casino as the property was purchased by Bally Manufacturing.
Further, the casino was renamed Atlantic City Hilton following the acquisition of Bally. Thereafter, it was named ACH Casino Resort, before a further rebranding and The Atlantic Club Casino Hotel name was added.
The property was then jointly purchased by Tropicana Entertainment and Caesars Entertainment, who sold it to TJM.
“We are looking forward to working in Atlantic City, and restoring such a great property,” stated Rocco Sebastiani, Colosseo’s principal.
TJM also owns three other properties under the Radisson and Crowne Plaza flags, in Philadelphia, Columbus, and Syracuse.
Matt Bradley, one of the heads of development and operations for TJM who handled the sale said: “We have made every effort to find a buyer who could realize the potential of The Atlantic Club Casino Hotel.”
“We are confident that with their extensive experience in construction and redeveloping larger properties, Colosseo is the right company for the job.”