Biltmore’s notice of default rescinded
CRYSTAL BAY, Nev. – The previous notice of default for the Tahoe Biltmore Hotel and Casino site has been rescinded.
“We are focused on ensuring a successful outcome for all stakeholders as we actively work through the restructuring of financing,” said Ebbie K. Nakhjavani, founder and CEO of EKN. “As a result of these efforts, the notice of default has now been removed. We remain fully committed to the revitalization of the Tahoe Biltmore property as we continue to invest and make progress on site work in anticipation of demolition and groundbreaking by Spring 2025.”
In 2021, EKN Development bought the property for $56.8 million. It is set to become Lake Tahoe’s first Waldorf Astoria.
As efforts to refinance its $82 million loan advance, it is continuing to prep the site for construction.
The developers have completed the initial steps to abate the hotel structure and demolish the property’s cottages while mitigating pre-existing environmental impacts with preliminary site cleaning measures.
The Biltmore was built in 1946. It has a lively history of celebrities, gangsters, and a famous ghost named Mary. In more recent years, it was known for its $1.99 breakfasts.
The Tahoe Regional Planning Agency unanimously approved the revitalization project on April 26, 2023.
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