Billionaire Carl Icahn has reportedly purchased a non-casino hotel in Atlantic City next door to his Tropicana casino.
The Press of Atlantic City reported that IEP Morris LLC, a subsidiary of Icahn Enterprises, has acquired the mortgage for the Chelsea Hotel, according to property records filed with the Atlantic County Clerk’s Office. A price for the 331-room hotel was not released.
Icahn and Curtis Bashaw, who owned the Chelsea through his Cape May-based Cape Resorts Group, did not comment for the report.
The Chelsea was opened in 2008 in an attempt to create a non-casino boutique hotel, but never really gained traction and was often closed in the slower winter months. The property closed in December of last year but never re-opened this spring.
The Chelsea is separated from Tropicana by Atlantic City’s Morris Avenue and could easily be incorporated into the Tropicana’s facilities, analysts told the Press.
In March, Icahn sold the Trump Taj Mahal to a group that included Hard Rock International for $50 million, according to U.S. Securities and Exchange Commission filings. He also owns the closed Trump Plaza in Atlantic City.
