Philadelphia developer Ira Lubert is part of an investment group seeking to acquire a prominent Atlantic City property. The group submitted an $18.2 million bid for the former Club Wyndham Skyline Tower.

Lubert is a co-investor in Skyline Tower Acquisitions LLC, an entity formed to purchase the property. Additionally, local real estate professionals Matthew and James Robertson are participating as co-investors.

The tower is currently involved in a Chapter 11 bankruptcy case. As part of that process, an auction for the shuttered timeshare property was held in late April.

Following the auction, Skyline Tower Acquisitions was selected as the successful bidder. However, the transaction still requires court approval before moving forward.

A hearing to consider the proposed sale is scheduled for Aug. 13. The proceedings will take place in U.S. Bankruptcy Court for the District of New Jersey.

The potential acquisition comes as Atlantic City continues attracting investment across its hospitality and real estate sectors. Meanwhile, developers are evaluating opportunities to reposition existing properties throughout the resort city.

Although future plans for the tower have not been disclosed, the $18.2 million bid could lead to another significant property transaction in Atlantic City.

If approved, the sale would transfer the former timeshare property to a new ownership group with extensive real estate investment experience.

*Article courtesy of Philadelphia Business Journal

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