New hotel opened Jan. 18
Hotel Development Project Reflects Strong Partnership with Mohegan Tribal Gaming Authority
NEW YORK — Fundamental Advisors, LP (“Fundamental”), a leading alternative asset manager dedicated to the special situation municipal markets, today announced that it provided senior secured loan financing for a $50 million hotel development project attached to Mohegan Sun at Pocono Downs. The new hotel, which grand opened to the public on January 18, 2014, features seven stories, 238 rooms and a special events/convention center.
“The completion of this project further solidifies our strong partnership with the Mohegan Tribal Gaming Authority and demonstrates our ongoing commitment to providing flexible and reliable capital solutions,” said Laurence Gottlieb, Chairman and Chief Executive Officer of Fundamental. “The opening of the Mohegan Sun at Pocono Downs Hotel represents an exciting step forward in our relationship with the Mohegan Tribal Gaming Authority and we look forward to continuing our work together.”
“Fundamental has been a dedicated partner for many years and this project represents a culmination of our strong ongoing relationship,” said Mitchell Grossinger Etess, Chief Executive Officer of Mohegan Tribal Gaming Authority, an instrumentality of the Mohegan Tribe of Indians of Connecticut. “We look forward to exploring new projects and collaborating on future special situation opportunities with the team at Fundamental.”
The hotel includes a combination of standard guest rooms and suites, as well as a fitness center, indoor pool, luxury spa, and a Bistro serving breakfast and light fare. A new porte-cochere entranceway was also added for additional guest convenience and links the casino, hotel and specials events/convention center.
The adjacent special events/convention center has roughly 20,000 square feet of meeting, event and concert space (it can even be converted into an entertainment venue, holding up to 1,500 seats). It is truly a one-of-a kind hotel complex in the Wilkes-Barre, PA market. The hotel’s grand opening celebration featured performances by Jay Leno, Kevin Bacon and the Bacon Brothers, Josh Turner, Rachel Bradshaw,Derek Hough, Amy Slater and Chris Daughtry.