Atlantic City, NJ, November 29, 2000 - Jones
Lang LaSalle Hotels has been appointed to identify a joint venture partner
for The Towers (formerly known as Tannen Towers), a vacant, luxury apartment
building ideally suited for hotel or timeshare redevelopment. The 31-story
Towers is situated at the main entrance to Resorts Casino Hotel and is a
prominent feature in the Atlantic City skyline.
Few are aware of the exceptional strength
of the Atlantic City timeshare market, said Arthur Adler, Managing
Director, Americas, of Jones Lang LaSalle Hotels. Interval sales at The
Towers' two primary competitors exceeded $45 million in 1999 and are on pace
to surpass that in 2000.
Originally conceived as a luxury, high-rise
condominium complex, The Towers has 296 apartment units (including a mix of
large one- and two- bedroom units), a five-story parking deck for 265 cars,
health club, outdoor pool and 8,100 square feet of retail and/or meeting
space.
According to Alan Tantleff, Senior Vice
President of Jones Lang LaSalle Hotels, numerous opportunities exist to form
a strategic alliance with several of the casino hotels. There is enormous
potential for a partnership here because all of the casinos need more rooms
to generate casino traffic. The overall casino hotel market runs in excess
of 95% occupancy annually. The two closest casinos, Resorts Casino Hotel
and Trump's Taj Mahal, have expressed a willingness to work together to
ensure that the property is redeveloped as a hotel or timeshare use.
Jones Lang LaSalle Hotels, the leading hotel
investment banking services group in the world, provides clients with
value-added investment opportunities and advice. Its recent two-year
success story includes the sale of 17,027 hotel rooms to the value of $2.2
billion in 75 cities and advisory expertise for 200,036 rooms to the value
of $29.8 billion across 278 cities. Jones Lang LaSalle Hotels' services
include transactions, mergers and acquisitions, financial advice and capital
raising, valuation and appraisal, asset management, strategic planning,
operator assessment and selection and industry research. Jones Lang LaSalle
(NYSE: JLL) is the world's leading real estate services and investment
management firm, operating across more than 100 key markets on five
continents.
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