The Hyatt hotel brand is officially coming to New Jersey. Ocean Resort Casino is currently in the process of getting ready to open its doors to customers. It is expected to open this summer, four years after Revel, the property’s former name, closed down. This will be the first time a Hyatt hotel has operated in New Jersey.
Hyatt Comes to AC for First Time
When the Ocean Resort Casino opens its doors, the 1400 room hotel will form part of the Hyatt Unbound Collection. This is a global collection of hotels that offers visitors unique experiences. The news of a Hyatt brand hotel being operated in New Jersey has made numerous people very happy. City officials are thrilled that the hotel brand will be coming to New Jersey at a time when its gambling sector is in its best state in a decade.
As the Ocean Resorts nears opening, New Jersey is no doubt pleased that the troubles with the property are over. While there are still those who believe Atlantic City has enough casinos, there is plenty of hope that the property will be profitable for the first time in its history. The Revel was conceived before the economic downturn that caused so many problems in Atlantic City.
Revel’s Troubled Past
The property cost $2.4 billion to build, with construction starting just as the 2008 recession began to bite. Financial backers pulled out of the project, causing financial issues and forcing the state to step in with tax credits and loans. When the Revel finally opened in 2012, it was already $1.1 billion in debt. To make matters worse, it never attracted the number of visitors expected and would close down in only a few years. At one point, it was losing $2 million a week.
In 2015 it was bought by Glenn Straub for $82 million, who went on to have a troubled relationship with Atlantic City. He wanted to turn the property into a university, but this fell through. In 2016, the power was off as Straub refused to honor a contract with an adjacent power station. The Atlantic City Fire Department referred to the Revel as a 47-story fire hazard.
Eventually, it was sold for $200 million, which brings us to today. Atlantic City will certainly be hoping that the Ocean Resorts Casino and the Hyatt hotel group will help the city improve even further.