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COMMERCIAL REAL ESTATE

Sun to Sell Resort for $140 Million

October 31, 2000|Reuters

Three weeks after confirming plans to sell its Resorts International Hotel & Casino, Sun International Hotels Ltd. said Monday that it agreed to sell the property for $140 million.

Bahamas-based Sun said it will sell the Atlantic City resort to private Los Angeles investment firm Colony Capital, which also will retain an option to buy an adjacent piece of land for $40 million. The deal is expected to close early next year.

Colony's other gaming assets include Harveys Casino Resorts, and the company is also in the process of buying Glendale-based Pinnacle Entertainment Inc.

The sale price for Resorts would mark a substantial discount from the more than $400 million that Sun has invested in the boardwalk-adjacent property.

Sun International shares closed up 44 cents at $19.06 on the New York Stock Exchange.

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