$360m for Trump hotel.

Donald Trump's Atlantic City portfolio just got scaled back, as Coastal Marina LLC will try its hand at operating the Trump Marina Hotel Casino. The casiono--one of three owned by Trump Entertainment there--sold to the affiliate of Coastal Development for $316 million last week.

The 27-story hotel and casino will undergo a transformation that includes a renaming of the resort to "Margaritaville"--in conjunction with Jimmy Buffett's franchises.

According to Coastal Marina chairman Richard Fields, the firm will make announcements concerning the new direction of the property--which lies in a competitive gaming market that includes the Borgata Hotel Casino & Spa and Harrah's Atlantic City--in the coming weeks.

"They are buying a wonderful building in a great location," said Donald Trump in a statement. "It has been an important part of our company with a loyal customer base and a dedicated team."

Trump Marina includes 728 hotel rooms, a 79,000 s/f casino, 58,000 s/f of convention and ballroom space, a 540-seat entertainment venue, nightclub, players' clubs, four retail outlets, six restaurants, a cocktail lounge, health spa, outdoor pool, tennis courts, basketball courts and track.

It also has a bus terminal, helipad and nine-story parking garage. Additionally,; the transaction included the lease for the Senator Frank S. Farley State Marina.

The sale enables the company to put a greater financial focus on its holdings in Atlantic City--and beyond.

"The execution of this transaction will provide us with additional financial flexibility ... now we are closely evaluating the variety of options before us to create value for our shareholders, including additional development in Atlantic City, reducing the company's debt, and potential projects to diversify our interests outside of Atlantic City."

The transaction also put to rest, with prejudice, unrelated litigation between the two parties. Latham & Watkins, led by partner Raymond Lin, and Bear Stearns & Co., Inc., led by Kenneth Shea, provided legal counsel and financial advisory services to Coastal Marina. Weil, Gotshal & Manges LLP, led by partners J. Philip Rosen and Malcolm Landau, and Merrill Lynch & Co., Inc, led by Ragavan Bala provided legal counsel and financial advisory services to Trump.

New York based Coastal Marina also shares ownership of Suffolk Downs racetrack in Boston; Trump's remaining Atlantic City portfolio includes Trump Plaza Hotel and Casino and Trump Taj Mahal Casino Resort, where a 782-room hotel tower addition is underway.