ICONA Looses Hotel Bid in Ocean City

ICONA Looses Hotel Bid in Ocean City

The ICONA luxury hotel brand has been outbid for the historic Jersey Shore Bank building in a $6.6 million deal.

Located at 801 Asbury Avenue in Ocean City, the First National Bank building, a six-story structure constructed in the early 1920s has recently been home to Second Chance Boutique and the Law Offices of Meghan J. McCormick Hoerner.

Its current owners declared bankruptcy, leading to various companies, including the city of Ocean City, showing interest in purchasing the historic property.

The ICONA brand, known for its luxury resorts and hotels in the area, had been looking to expand its portfolio with the acquisition of the First National Bank building.

However, according to NJ.com, a bid by Ocean City Crown Holdings LLC, owned by real estate investor Raj Khatiwala, was approved by Federal bankruptcy court Judge Andrew Altenburg last Wednesday. According to their research, their bid was for $6.6 Million, just higher than the original ICONA $6.5 million offer.

Ocean City Crown Holdings LLC is very well known in Ocean City. Their portfolio includes the properties, The Scarborough, The Pavilion, the Forum, the Beach House, Tahiti Inn, Blue Water Inn motel, Ocean Breeze Hotel, and Statintons. They also own investments in Cascade, Indiana, and Aurora, Ohio.

Khatiwala and his group of investors, plan to convert the building into a luxury hotel and residential complex. The project is expected to create over 200 jobs and bring in millions of dollars in revenue for the local economy.

This sale was more than just the sale of the building. The original listing included the “sale of Seven (7) individual Ocean City NJ real property parcels: Lots 8, 9, 10, 11, 12, 13, and 14 all located on Block 806. Sale includes 1) Parcel #1:801 Asbury Avenue (a.k.a Ocean City’s Landmark “Crown Bank Building), whose units #1, #2, #3, #4, #5 & #6 are each condoned by floor & sit on 66 x 100 lot (Lot 9). This large 6- Story 33,440 Sq Ft concrete building consists of 5 floors”

This means the owners have the lots next to the building for cars and potentially a  recreation area.

This is a big win for the local economy and the community as a whole, as the restoration and conversion of the building is expected to bring in significant economic benefits, including jobs and revenue.

The project is a prime example of how historic buildings can be repurposed and revitalized, while also preserving their cultural and architectural significance.

We are seeing this kind of change and investment in the Wildwoods at the old Oceanview motel as it transforms into the Madison Resorts Wildwood Crest.

For more information click the link below.

Oceanview Motel SAVED, To Become Madison Resort