Revel backup buyer seeks discount

The backup bidder for Atlantic City's Revel now has the right to acquire the shuttered hotel and is asking the bankruptcy judge for a discount. Glenn Straub’s Polo North Country Club wants to pay around $87 million for the property, not the original $95.4 million, Bloomberg reports. The new asking price comes after alleged improprieties in the auction process.

As Bloomberg reports, Revel decided to proceed with a sale to Polo North after Brookfield Property Partners terminated a contract to buy the property for $110 million. When the bankruptcy court in Camden, N.J., approved the sale to Brookfield, the judge tapped Straub as the backup bidder to buy the project at his last offer of $94.5 million if the higher sale fell through, which it did.

A hearing on the sale is scheduled for January 5, when Straub wants the court to cut the purchase price.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


Straub said his original cash bid of $90 million should be the starting point for calculating his purchase price.Then he wants a $3-million break-up fee applied to the purchase price because the estate is receiving a “significant” financial benefit by retaining Brookfield’s $11 million deposit.

Separately, Revel and Atlantic City reached a settlement where the casino will pay the city $26 million to resolve a dispute over 2014 real estate taxes. In return for a $5 million reduction in real estate taxes that otherwise would be owing for this year, the casino will pay the modified tax bill.

Revel, which opened in April 2012, filed its second petition for Chapter 11 protection in June.

Read more on

Suggested Articles

Two conferences traditionally held in the first half of each year are rescheduling for the second half.

Brands have opened new properties in Illinois, Ohio and New York City.

A new entity will combine a number of brands, including Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25h and 21c Museum Hotels.