This project is about the construction of a 600 room ocean front hotel located on the Atlantic City, NJ Boardwalk. The hotel will be called Marbella.
All permits, as well as the design, management and construction teams are in place. The last key we are seeking is funding.
Everything for this project from the construction management to the title work for the property have already been completed. I also included the information about the Revel Casino that is next door to the Marbella. The Revel Casino is a 4,000 room hotel that will be finished in less than a year. They are in the process of finalizing the purchase of the 21 acres on the other side of the Marbella for 140 million just for the land to build additional casinos. They are trying to create a monopoly on the New Jersey Board Walk no pun intended!! They spent close to 2 billion on the Revel.
There is currently a deficit of 22,000 rooms a night in Atlantic City and the hotel rates have gone up 25%. The Marbella has 9.3 million hard cash in the land. The total project will cost 186 million dollars and included in that amount is the price of the land which is 31 million. We are looking for either a JV partner or someone to provide the debt service for the construction of the Marbella 600 room hotel. If you need any additional information please let me know.
Thank you for taking the time to consider this project I look forward to talking to you soon.
There is no more land available on the NJ boardwalk with ocean front views. So our 600 room hotel called the Marbella will be a destination to visit. There currently is a shortage of rooms in Atlantic City.
We are open to various ideas in regards to financing and enjoy working with creative people.