OCEAN CITY – A prominent local hotel chain reportedly has a deal in place to acquire an old bank in downtown Ocean City, which it will repurpose into a boutique hotel.
According to the Press of Atlantic City, ICONA Resorts has reached an agreement to purchase 801 Asbury Avenue for $6.5 million, which is pending approval from a federal bankruptcy court judge since the property’s principal owner is in bankruptcy. An attorney for the owner reportedly filed a request with the court for permission to sell, which will reportedly be heard Dec. 13 in Camden.
The property would also require a use variance from the city, since hotels are not permitted in the downtown district, according to the report.
According to the Press, the city was also interested in acquiring the seven-story property, which has not been a bank for some time and would require a considerable investment to rehabilitate and transform the building.
The sale would also include a parking lot, which ICONA Chairman Eustace Mita told the Press was a necessary element. Mita said he expects to put another $15-20 million into the structure, which was last renovated in 1994, according to the report.
ICONA reportedly hopes to open the hotel prior to summer 2024 and said it will not require building variances.
The Press reports Ocean City officials are saying they’re still interested in buying the property, which they hired an engineering and planning firm to inspect for $32,000 last year, and plan to make an offer for it.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
