Tropicana Buys Atlantic City Hotel
The Tropicana Casino Hotel in Atlantic City has acquired the 330-room Chelsea hotel, a boutique non-gaming hotel across the street from the Tropicana. The two properties will be linked by a skybridge on the 5th floor and the new building will be called the Chelsea Tower.
“The Chelsea Tower is a great addition to our four existing hotel towers at Tropicana Atlantic City,” Tony Rodio, CEO and president, said. “Guests will be able to enjoy a boutique hotel feel while having full access to all resort options at Tropicana Atlantic City.”
The Chelsea was opened by former CRDA Director Curtis Bashaw in 2005, but failed to capture an audience and was hard hit from the 2007 recession onward. In 2013, it closed during the winter and finally closed for good in 2015.
IEP Morris LLC, a subsidiary of Icahn Enterprises owned by Carl Icahn, the majority owner of the Trop, purchased the Chelsea’s mortgage earlier this year.
“The capital and support of Icahn Enterprises, our controlling shareholder, has been instrumental in our success, and I appreciate Carl Icahn’s (IEP’s chairman and majority shareholder) continued support in the execution of our strategy,” Rodio said.