Chelsea Hotel

The Chelsea Hotel 

ATLANTIC CITY — Two months after selling Trump Taj Mahal Casino Resort, Carl Icahn has again decided to invest in the resort.

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. It’s unclear how much Icahn paid for the mortgage or his plans for the 331-room hotel.

Calls to Icahn and Curtis Bashaw, who owned the property through his Cape May-based Cape Resorts Group, were not returned.

Icahn owns the neighboring Tropicana Atlantic City. The Chelsea and Tropicana are separated by one street, Morris Avenue.

“It can be used in summer season as overflow for Trop if desired and could be connected to the Trop physically,” said Richard Perniciaro, director of the Center for Regional and Business Research at Atlantic Cape Community College.

The property has been closed since December, when operators said it would reopen Presidents Day Weekend. It never did.

In 2008, Cape Resorts opened the Chelsea as Atlantic City’s first true boutique hotel.

Over the years, Icahn has had a tumultuous relationship with the city. Icahn’s companies recently appealed this year’s assessments for the former Trump Plaza and Trump Taj Mahal casinos. Icahn now has open appeals on both properties for tax years 2014 through 2017. In October, Icahn closed the Taj Mahal after a labor dispute with Local 54.

In addition to Tropicana, Icahn owns the closed Trump Plaza. He sold Taj Mahal in March to a group that included Hard Rock International for $50 million, according to U.S. Securities and Exchange Commission filings.

That deal included more than 30 acres surrounding the property, according to the filing by Icahn. The property had been previously valued at $86 million, according to Icahn Enterprises’ 2016 financial report.

Contact: 609-272-7046 nhuba@pressofac.com

Twitter @acpresshuba

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