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The historic Claridge Hotel in Atlantic City may soon undergo a major transformation. Vivo Investment Partners, led by D-Wayne Prieto, is set to acquire the 500-room hotel from its current owner, Florida-based TJM Properties. The acquisition, which includes the adjacent nine-acre former Sands Casino Hotel site, aims to revitalize the area into a non-gaming sports and entertainment hub.
Prieto plans to modernize the Claridge Hotel by adding an outdoor sports complex and an indoor amusement park. He envisions transforming the property with amenities similar to those found on cruise ships. The development will feature a 20,000-seat stadium for minor league baseball, soccer, and concerts, a 30,000-square-foot esports arena, and an outdoor ski slope, the largest of its kind in North America. Additionally, the plan includes 1,500 new apartment units, an 800-room hotel, and various retail shops and restaurants.
Prieto's proposal excludes casino gaming, focusing instead on creating a year-round entertainment destination. He intends to apply for funding through New Jersey’s Aspire Program, which supports commercial and mixed-use developments. Prieto hopes to normalize Atlantic City's seasonality by providing attractions and events throughout the year.
The Claridge Hotel, which opened in 1930, has a rich history, having hosted numerous celebrities like Marilyn Monroe and Dr. Martin Luther King Jr. The redevelopment aims to preserve the hotel's historical aspects while introducing modern features. Prieto expects the project to take 12 to 18 months to complete after the sale is finalized.