“Few are aware of the exceptional strength of the Atlantic City timeshare market,” said Arthur Adler, Managing Director, Americas, of Jones Lang LaSalle Hotels. “Interval sales at The Towers’ two primary competitors exceeded $45 million in 1999 and are on pace to surpass that in 2000.”

Originally conceived as a luxury, high-rise condominium complex, The Towers has 296 apartment units (including a mix of large one- and two- bedroom units), a five-story parking deck for 265 cars, health club, outdoor pool and 8,100 square feet of retail and/or meeting space.  

According to Alan Tantleff, Senior Vice President of Jones Lang LaSalle Hotels, numerous opportunities exist to form a strategic alliance with several of the casino hotels.  “There is enormous potential for a partnership here because all of the casinos need more rooms to generate casino traffic.  The overall casino hotel market runs in excess of 95% occupancy annually.  The two closest casinos, Resorts Casino Hotel and Trump’s Taj Mahal, have expressed a willingness to work together to ensure that the property is redeveloped as a hotel or timeshare use.”

Jones Lang LaSalle Hotels, the leading hotel investment banking services group in the world, provides clients with value-added investment opportunities and advice.  Its recent two-year success story includes the sale of 17,027 hotel rooms to the value of $2.2 billion in 75 cities and advisory expertise for 200,036 rooms to the value of $29.8 billion across 278 cities.  Jones Lang LaSalle Hotels’ services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research.  Jones Lang LaSalle (NYSE: JLL) is the world’s leading real estate services and investment management firm, operating across more than 100 key markets on five continents.