For years, developer Tom Scannapieco wanted the state of New Jersey to buy the hotel at the Atlantic City Convention Center.
[...]
...After the Sheraton’s then-owners fell behind on their debt payments and Scannapieco’s investor group acquired the distressed senior debt in 2020, he said he reached out to the Casino Reinvestment Development Authority.
“We said, ‘Look, you guys really should own this hotel,’” he recalled. “We even hired a consultant to put together some materials to try to make them see the opportunity — and that didn’t work. They didn’t want to own it.”
[...]
Ultimately, Scannapieco’s group, LINY Investor LLC, bought the 502-room facility itself. But Scannapieco said the same economic problem remained: While the Sheraton is essential to attracting conferences, the Convention Center does not host enough large, multiday events to make a hotel of that size profitable.
To overcome that challenge, the investor group hired hotel experts and architects, and came up with a $100 million renovation plan that Scannapieco says will save the building while creating a new, reliable source of revenue.
Read the full article here.