PARADISE ISLAND Three weeks after confirming plans to sell its Resorts International Hotel & Casino, Sun International Hotels Ltd. Announced on October 30 that it agreed to sell the property for $140 million.
Sun noted that it will sell the Atlantic City resort to a private Los Angeles investment firm, Colony Capital, which also will retain an option to buy an adjacent piece of land for $40 million. The deal is expected to close early next year.
The sale price for Resorts would mark a substantial discount from the more than $400 million that Sun has invested in the boardwalk-adjacent property. (10/31/00)
Source: LA Times