The owners of Atlantic City’s Claridge Hotel and Atlantic Club are expanding their footprint, buying another hotel in an area that’s the home of many of Atlantic City’s guests.
TJM Atlantic City announced Friday that the company will buy the 274-room Radisson Philadelphia Northeast for $15 million. Despite its name, the hotel isn’t in Northeast Philadelphia — it’s actually north of the city and just off the Pennsylvania Turnpike in Trevose, Bucks County.
The vice president of business development for the buyers is Cem Erenler, who’s also general manager of the Claridge. TJM Atlantic City is a subsidiary of TJM Properties, a privately held real estate firm owned by Terence J. McCarthy of St. Petersburg, Florida.
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The Radisson purchase is the local subsidiary’s biggest deal yet. TJM bought the Claridge in early 2014 from Caesars Entertainment for $12.5 million, then renovated and reopened the 85-year-old landmark just before last summer — and just before TJM bought the Atlantic Club. That deal was for $13.5 million, and the seller was a Caesars affiliate. The Atlantic Club has remained closed in the 18 months since.
“We are expanding and building a varied portfolio that will include individual hotels, branded properties and resorts,” Erenler said in a statement announcing the company’s latest purchase. He couldn’t be reached Friday for further comment.
Along with its guest rooms, the company’s new Radisson has a total of 19 meeting and ballrooms and “20,000 square feet of versatile function space,” according to the buyers’ description.
“TJM Atlantic City is very proud to be adding this outstanding hotel and the Radisson flag to our portfolio,” Erenler added in the announcement. “We are planning improvements in some areas of the property, but the Radisson Philadelphia Northeast is already well-positioned to serve a growing and diverse market in the Philadelphia area.”
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McCarthy, the company owner, had been a developer of “senior living communities.” TJM Properties says on its website that it sold 15 of its collection of 19 such properties in 2013 for $220 million, “enabling the company to concentrate on their more strategic senior properties and newer hotel acquisitions.”