The Las Vegas Review Journal today said that CB Richard Ellis has been picked to market and sell the Trump Marina in Atlantic City so that Trump Entertainment can better focus on their two boardwalk properties – the Taj Mahal and Trump Plaza.

This news really shouldn't come as a surprise because it's been an open secret that Trump would like to divest of the property which has been a perennial money loser and has quickly lost its luster as new, bigger and more popular venues have come online.

I could see this property fetching very little – similar to what recently happened with the Resorts property that was still sold for only $35 million – even after opening a $110 million tower in 2004 and undergoing a refinancing worth $360 million in 2007. Resorts sold for 1/10th of its value in less than 3 years.. A few years ago Trump Marina was valued around $400 million and from what I've heard is in worse shape than Resorts – both cosmetically and physically.

Would $25-30 million be too far fetched?? Depends on how desperate Trump is to sell the property.

One idea that could definitely raise interest in the property is combining it with MGM Resort's small parcel which sits just to the north of Trump Marina that is also on the block. The only question remains is who would be willing to put that much of an investment into Atlantic City at this time.

andrew@alconic-inc.com

Andrew Calvo is a Commercial Real Estate Advisor in New Jersey. I live in Tinton Falls, NJ. This blog is about my passions - primarily hotels, commercial real estate, and development, etc.

Since I have been in High School I've had numerous jobs, but the field which has always interested me is Real Estate, Hotel Development and Construction. I consider myself a zealot in that area - I try to absorb as much as I possibly can, take the experiences that I learn, or read about and use them in my life. 

www.passionsofazealot.com