The Siena sold!
The Siena sold for $3.9 million today at auction to Grand Siena, LLC, represented by David Colvin. About 80 people, mostly lawyers and bigwigs showed up to the auction but only three bidders that I saw were making bids. Stay tuned for more info!
UPDATE: The $3.9 figure is “free and clear”, and the court will determine the distribution of the proceeds at a later date. The court did authorize that the outstanding liens for property tax, sewer fees, gaming fees, and RSCVA be paid from the proceeds immediately to allow the transaction to close within 48 hours. This will leave about $3.5M to be split among the creditors. It looks like RE Reno LLC (Walter NG) who owns the $50M investment will get nothing in the end.
There were 3 bidders: Northern Nevada Asset Holdings (new owners of Silver Club in Sparks), Stratus West LLC (a division of Stratus Gaming?), and the winning bidder Grand Siena LLC. This entity is controlled by David Colvin from Las Vegas, who is also the principal behind Gaming Arts (www.gamingarts.com).
UPDATE: The new owners plan to reopen the hotel under the same name as soon as possible according to Channel 2 News's tweet.
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Posted by: RenoSteve - 11/10/2010 3:19:29 PM
From The Associated Press, November 10, 2010 - 6:04 PM
Bankrupt Reno, Nev., hotel casino sells for $3.9 million; investors plan to reopen it
RENO, Nev. (AP) - The bankrupt Siena hotel-casino in Reno, Nev., has been sold at auction for $3.9 million to a group of investors who say they plan to reopen it as soon as possible under the same name.
U.S. Bankruptcy Judge Gregg Zive on Wednesday approved the sale of the Siena Hotel Spa Casino to Grand Siena LCC, on the condition that the group close the deal with bankruptcy lawyers within 48 hours.
Grand Siena investor Jay Meilstrup (MEYE'-uhl-struhp) of Reno says the team of five includes partners in Chicago and Los Angeles. He says they share his belief that the downtown riverfront property is poised for a comeback. He says they'll begin work to reopen the hotel and restaurants while pursuing new licenses with state gaming regulators.
The Siena closed its doors in October.
Posted by: Billy Howard - 11/10/2010 7:12:36 PM
What a relief. Lexis by the River is our fav restaurant. As far as I know, it's the only restaurant in Northern Nevada with a view. We were shocked when neither Atlantis; Peppermill; Harrahs; Silver Legacy; Circus, Circus nor GSR offered a restaurant at the very top of their buildings overlooking the spectacular Carson Range which makes this area so unique as the mountains rests their feet on the golden sands of the Great Basin Desert. Instead we've been shuffled into darkened basements for our occasional 5 star meal.
Having a creative and reasonably priced meal at Lexis (their pre fixe was $20 and yes, you were full after) and to watch the river pass freely by has been a setting we've returned to through all the seasons and their many occasions.
Posted by: RenoSteve - 11/12/2010 7:02:29 AM
New owners plan high-end (4 to 5 star) conversion to a BUSINESS HOTEL. Have LOTS of money and previously considered but rejected buying GRAND SIERRA. From RJG article.....