The Water Club hotel, part of the Borgata casino complex in Atlantic City, New Jersey, is undergoing a $55 million redesign and will be rebranded as MGM Tower, joining a number of hospitality properties in the gaming mecca undergoing facelifts.
The Borgata Hotel Casino & Spa on Tuesday unveiled its plans for the Water Club as the complex approaches its 20th anniversary. In addition to being renamed, the Water Club’s more than 700 rooms will be revamped and a collection of luxury “vista suites” at the tower’s corners with wraparound views of the Atlantic City skyline will be added.
The move comes as the national hotel occupancy rate sits at about 63%, back near its prepandemic level, according to STR, the hospitality data division of CoStar Group. But high interest rates and fears of a recession have slowed the pace of commercial real estate deals, making investments such as the Borgata’s more notable.
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