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TJM Properties Purchases Claridge Hotel Tower

Wednesday October 30th, 2013 - 9:54AM

ATLANTIC CITY, NJ—TJM Properties, Inc., a Clearwater, FL-based hotel operator, has agreed to purchase the 500-room Claridge Hotel Tower located here, Bally’s Atlantic City hotel and casino announced. Terms of the transaction were not disclosed.

One of the hotel towers housing Bally's guests, the Claridge Hotel Tower opened in 1930 and at 370 feet was the tallest building in New Jersey until 1989.   

"We are very pleased with TJM Properties' extensive experience and its plan to keep the hotel open and operating while it upgrades the rooms, installs a new front desk and restaurant," stated Kevin Ortzman, SVP of Bally's, Caesars Atlantic City and Showboat. The sale is expected to close within 90 days, subject to customary closing conditions.

"Through its investment, TJM will be adding non-gaming amenities that will enhance the experience of guests of the Claridge, Bally's and the entire city," Ortzman added. "TJM's plans are in keeping with our goal of adding non-gaming amenities to Atlantic City, such as the 250,000-sq.-ft. meeting and conference center—the largest in the Northeast—that we're building at Harrah's Atlantic City."