Historic Tahoe casino property to remain open
April 22, 2009
The lender that foreclosed on the historic Cal Neva Resort at Lake Tahoe says a private management firm has been hired to run the operation and keep it open while the property’s future is contemplated.
Canyon Partners, a Los Angeles-based investment group, earlier this month assumed ownership of the hotel-casino once owned by Frank Sinatra after no bids were received at foreclosure sales held in California and Nevada.
On Wednesday, Canyon announced it has hired National Hospitality Holdings LLC, a Philadelphia-based company that specializes in hotel investment and management, to oversee the property.
Canyon officials say they’ve also received dozens of calls from interested investors about the 13-acre site that straddles the Nevada-California line on Tahoe’s north shore.