NEW YORK, Jan. 27, 2014 /PRNewswire/ -- 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.
About Fundamental Advisors
Fundamental Advisors is a leading alternative asset manager dedicated to the municipal markets. Founded in 2007 as a private equity firm focused on revitalizing distressed assets, Fundamental now offers a range of investment vehicles that capitalize on the growing opportunity set in the municipal market. For more information, please visit www.fundamentaladvisorslp.com.
About Mohegan Sun at Pocono Downs
Mohegan Sun at Pocono Downs, owned by the Mohegan Tribe of Indians of Connecticut is one of the most distinctive and spectacular entertainment, gaming, shopping and dining destinations in Pennsylvania. Situated on 400 acres in Plains, Pennsylvania, Mohegan Sun at Pocono Downs is currently home to 82,000 square feet of gaming space including more than 82 live table games, 2,300 slot machines and electronic table games, a variety of dining and shopping options, nightlife, entertainment and live harness racing. Mohegan Sun at Pocono Downs is within easy access of New York, Philadelphia, New Jersey and Delaware. More information is available by calling 1.888.WIN.IN.PA (1.888.946.4672) or visiting our website. Connect with us on Facebook, follow us on Twitter, download our app and view us on YouTube.
Jonathan Keehner / Bryan Darrow
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Fundamental Advisors, LP