From Club Cal Neva:
Sierra Development Company, parent company of the Club Cal Neva in downtown Reno, has sold the Nevadan Hotel at 133 North Virginia Street in downtown Reno to a subsidiary of Siegel Group Nevada, Inc.
Financial terms of the deal are not disclosed.
Sierra Development Company purchased the property in 1999 and has operated the property as a guest hotel since that time. Prior to 1999, the Club Cal Neva operated as a stand-alone casino with no guest lodging.
“From 1962 until 1999, the Club Cal Neva operated without a hotel,” said Club Cal Neva Owner and Chief Executive Jeff Siri. “It was an extremely successful business model. The sale of the hotel allows us to get back to what we do best; providing one of the best gaming and entertainment experiences in Reno.”
Although the Club Cal Neva will no longer have a hotel to house guests, it is negotiating with other downtown hotel properties to assist in lodging for its casino patrons. And with the Siegel's acquisition of the Nevadan Hotel and neighboring Virginian Hotel, there will be more than 700 full-time occupants of the downtown properties.
“It's a huge boon for the downtown economy,” said Siri. “To have residents moving back to the downtown area, occupying these spaces every day of the week, that's a big positive for downtown Reno.”
Siri also stated that the sale will allow the Club Cal Neva to make needed capital improvements to the interior and exterior of the casino.
“There are a lot of things that we want to do to make our guests' experience better,” said Siri. “We're already the best value in gaming and food in the downtown area, now we want to improve that experience even more. The sale of Nevadan allows us to do that.”
From Club Cal Neva
