After months of ups, downs, backs and forths, the former Revel Casino Hotel in Atlantic City, NJ, has finally sold, the Associated Press reported this week. The buyer: Florida developer Glenn Straub, whose company, Polo North Country Club, almost lost the deal last week when a federal judge gave owner Revel AC permission to cancel a proposed sale to Straub over a contract dispute.
Straub, who stepped in after the collapse of a previous deal last fall, originally had offered $95.4 million for the ailing property, which opened in 2012 and was closed in September in the wake of two bankruptcies. He was due to sign a contract on that deal on Feb. 9, but failed to do so. Citing concerns about ongoing legal conflicts with Revel's tenants, he approached Revel AC with a request to postpone the contract pending further due diligence. The company refused and sought court approval to exit the deal. That approval was granted last week, but negotiations continued, yielding this week's deal, whereby Straub agreed to buy Revel for a discounted price of $82 million.
The sale is expected to close by March 31, after which the property will be re-named and re-positioned.
"Polo North is working diligently with its team to finalize an operational plan for the property to be successful, not just 'business as normal,' as was done in the past," Straub's attorney, Stuart Moskovitz, said in a statement.
So far, plans include a $50 million expansion of the exterior, a more accessible hotel lobby, a $50 million medical-health spa, and a recreational complex that's planned to open by summer. Straub reportedly hasn't decided yet whether a casino will be part of the plan.
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