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Philadelphia Hotel

Revel Deal Unglued

More woe from Atlantic City: the Philadelphia Inquirer reports that Revel AC Inc asked the bankruptcy court to put the kibosh on its deal with a Florida investor who had planned to buy the shuttered Revel Casino Hotel in Atlantic City. The buyer didn't complete its $95M acquisition of the property by Monday, as specified in the purchase agreement, because he wanted the property without any of the unexpired leases held by restaurants and nightclubs there. Late last year, Brookfield Asset Management abandoned its efforts to buy the property.

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