CRYSTAL BAY - A buyer for the Cal Neva Resort, Spa and Casino in Lake Tahoe could be found by September, said a vice president of the firm hired to sell the storied property.
"I think we would have a pretty good idea who we like as the buyers in the next month," said CB Richard Ellis Executive Vice President John Knott.
Current Cal Neva owner Canyon Capital Realty Advisors announced Monday it had hired CB Richard Eliss' Global Gaming Group and Hotel Group to market and sell the property on the California and Nevada state line on Lake Tahoe's North Shore.
Canyon fielded more than 150 calls from potential investors concerning the Cal Neva since it took over the property in April after a bidder-free, two-state foreclosure auction.
A price for the property has not been set. The minimum bid at the April auction was set at $15 million.
Since, Canyon representatives said they have seen considerable interest from U.S. hospitality and gaming investors for the 13.6-acre, 219-room hotel and casino that straddles the California and Nevada state lines on Lake Tahoe's North Shore.
"We said from day one that we would keep Cal Neva open for business, make long overdue management improvements to the property and assess its future," Canyon executive Richard Bosworth said, according to a statement. "That's exactly what we've done."
"Cal Neva is a great asset with a very bright future, and we think the time is right to market the property to interested buyers," Bosworth said.
The Cal Neva is an attractive property to buyers who want to get into the Tahoe market, Knott said.
The Los Angeles-based investment adviser and money management firm took control of the historic property in April after a bidder-free, two-state foreclosure auction.
Within 24 hours of the auction, Canyon placed a management team - NHH Hotels and Resorts - in charge of the property.
Originally built in 1926, Cal Neva was owned by Frank Sinatra in the early 1960s, and flourished as a popular destination for the Hollywood and political elite. The resort includes 219 rooms and cottages, restaurants, a spa and open space featuring panoramic views of Lake Tahoe. The property also features a 350-seat show room, 16,000 square feet of meeting space, a lounge and a 5,365 square foot casino. With the property's non-restricted gaming license, the new owner could more than double the size of existing casino, according to Canyon.