Grand Sierra Resort
The transaction from Caesars Entertainment to GSR Corp involving the $151 million sale of the Reno Hilton was lengthy. The sale was announced in early May 2005 but wasn't completed until June 2006 due to management and finance problems. After all problems were addressed with all parties involved, the Reno Hilton became the Grand Sierra Resort and Casino on June 24, 2006.
During the first ownership of the Grand Sierra Resort, before JPMorgan took over operations, $100 million was spent to convert the property into the new brand. The money was spent on reconfiguration of the public areas, a new swimming pool area, update for the casino that included keeping the original MGM like ceilings, a refreshed hotel lobby and converting floors 17-27 into "hotel-condos" called The Summit. The company had larger scale expansion plans that included a water park, boutique shopping, a water and laser show, 48 story condominium high rises and further renovations. All never came to fruition. Briefly, the hotel was home to Nikki Beach nightlife and Ashton Kutcher's Dolce Enoteca restaurant. Both fell out as a result of the ownership transfer to JPMorgan.
On February 23, 2011 it was announced that California based Meruelo Group had purchased the resort for $42 million. More than $25 million in renovations have been put back into the property to "re-grand" it according to executives. A re-branding celebration took place on August 25, 2012 showcasing the latest renovations and the implementation of the new branding. Grand is now emphasized more in the name versus Grand Sierra previously. The Meruelo's are bullish on continuing improvements and have plans to make the Grand Reno's premier resort property and one of the top in the state. Upcoming changes include the construction of a new indoor pool/nightclub slated for debut next Summer, remodeled convention facilities, upgraded spa and the remodel of the guest rooms in the tower.
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