Condo Hotel Center: Property
The Summit at Grand Sierra Resort
I was a teenager, I was fortunate that my father sent
me on teen tours "to broaden my horizons,"
and allow me to do some traveling during the summer.
I only realized later that he had an ulterior motive,
to get me out of his hair for six weeks.
Nevertheless, one of my trips out west took me to
Reno. This was the first time that I had ever seen
a casino or even a slot machine for that matter. And
no age limit was going to stop me from trying my hand
at lady luck.
After hitting a $25 jackpot on a nickel slot (a virtual
fortune to a 14 year old), and having the money I
needed to buy myself a new pair of earth shoes (remember
those things?), I've always had a warm place in my
heart for the biggest little city in Nevada.
Fast forward 27 years and the place that I recall
so fondly has come into my life again. This time,
as you might have guessed, it's in the form of a condo
We were contacted a couple of months ago by the buyers
of the 2,000-room Reno Hilton. Two members of Condo
Hotel Center even flew out to Reno to meet with the
development team and tour the site.
We were told then of their early plans for the purchase,
conversion and addition to this massive development
that will now include about 2,000 condo hotel rooms
and 2000+ additional residential condominium units
along the Truckee River.
Now, their plans are
firmed up, and because we have been tracking this
property for months, we are able to bring this to
you at early selection and first-tier pricing.
Summit at Grand Sierra Resort
The Reno Hilton will undergo a renovation
to become the four-star Summit at Grand Sierra Resort.
No longer called the
Reno Hilton, The Summit at Grand Sierra Resort, located
in the heart of Reno, will be a four-star property.
It will offer families, travelers, conventioneers,
and gaming enthusiasts the opportunity to stay and
play at the gateway of the Sierra Nevada Mountains.
From The Summit at Grand Sierra Resort,
it's only minutes to championship golf courses, hiking
and biking, along with world-class fishing and boating
on Lake Tahoe, and some of America's finest ski resorts.
The Summit at Grand Sierra Resort
is located on 145 beautifully landscaped acres with
a picturesque 38-acre lake. The whole project will
consist of nearly 2,000 units. First, the top 11 floors
of the existing tower will be converted into 824 condo
hotel units. Construction will start February 2006.
Currently, the property has the following existing
- Full-service spa
- Fitness center
- 200,000 sq. ft. of convention
- 107,000 sq. ft. casino, with 1,300+
- Superbook - watch and bet on sports
(see photo right)
- 70,000 sq. ft. shopping promenade
- 40,000 sq. ft. children's adventure
- Aquatic golf driving range staffed
with pro instructors
- Indoor golf simulator
- Jogging track & walking track
- Thrill rides
- Go-cart track
- 24-hour, 50-lane bowling alley
- A world-class dinner theater,
- Wedding chapel
- Shuttle service to local ski/bike
Sound good? Well wait until you hear
what's in the works for the future.
for The Grand Sierra Resort
The developers will invest $1.8 billion
in upgrading and expanding The Summit at Grand Sierra
The Summit at Grand Sierra Resort
will not be resting on the laurels of its days as
the Reno Hilton. Its developers will be investing
over $120 million above the purchase price of the
hotel in total cost of renovations in the existing
tower and a total of $1.8 billion as they fully develop
the new project including the building of an additional
tower and two water parks as well as other incredible
The master plan for the development
of this project will take five to seven years to complete
and will make the Summit at Grand Sierra Resort one
of the west's premier resorts.
Here's what is in store for this property
in the years ahead:
- Conversion of the top 11 floors
of the existing 27 story building into 824 condo
hotel units, available for purchase now in pre-construction
- Two 43-story towers of luxury
residential condominiums - 700 units on the banks
of the scenic Truckee River
- 10 restaurants, clubs and bars
with plans to add some of the most popular establishments
from Los Angeles, The Bay Area, and Las Vegas including;
Dolce (owned by many of the stars from "That
70's Show" including Ashton Kutcher), Charlie
Palmer Steak and soon to be announced fish concept.
- The nation's largest indoor water
park (150,000 sq. ft.)
As mentioned, there will eventually be an immense
indoor water park built at The Summit at Grand Sierra
Resort. KKE Architects in conjunction with Ramaker
and Associates, one of the country's leading civil
engineering firms specializing in warterpark development,
are currently working on plans for a 150,000 sq. ft.
themed attraction to be built with a fully modernized
concept being referred to as "the James Bond
of water parks."
The plans being discussed include
light and water show technology, as well as slide
bowls, tube slides, surfing machines, wave pools,
caves, raft rides on a lazy river, an elevated mountain
spa, children's areas and pools for younger visitors,
and adult areas with swim-up bars, hot tubs and nightlife
on the Casino
The waterparks at The Summit at Grand Sierra Resort
will certainly be a huge draw to bring guests to the
resort. But so will the immense casino, at one time
the largest in the world at 107,000 sq. ft.
Upon approval of the Nevada Gaming Control Board and
the Nevada Gaming Commission, Larry Woolf, former
chief executive officer and chairman of MGM Grand
Hotel, Las Vegas, will lease the property's gaming
operations from Grand Sierra Resort Corp and will
operate the casino under his company, The Navegante
Group. The Navegante Group has more than 50 casino/hotel
Condo Hotel Units
The Summit at Grand Sierra Resort is now offering
condo hotel suites priced from $205,000 to $1.6 million.
Available are studios and one- and two-bedroom units
ranging in size from 427 sq. ft. to 2,000 sq. ft.
The finished resort with its convention
facilities, casino and waterparks will attract visitors
from all over the world.
Units will be remodeled
with the following amenities:
- Flat-screen TV's
- Custom cabinetry in the butler
- Black granite kitchen/bar countertops
- Other upgrades expected in a four-star
Impressive Development Team
The developer for the property is a Nevada-based company
called Grand Sierra Resort Corp. It was formed by
a group of developers and investors who collectively
have more than a century of combined experience in
real estate development, hospitality, and gaming.
For this reason, there is currently no plan to franchise
the operation of the resort.
The developers of this project look
like a Who's Who team of specialists:
J. Schrade, (President), a 35-year veteran
in conceiving, building and financing multi-million
dollar projects in the casino, resort, hotel, restaurant,
entertainment and amusement park industries.
H. Pace, Jr., (Executive Vice President
of Operations), whose 15-year-old Central Group
Companies provides consulting services, development
expertise and management services for hospitality
projects nationwide, including hotels and themed
indoor water parks.
- G. Scott
Bayless, (Executive Vice President of
Business Development), a Harvard alumnus with over
17 years of experience in national and international
corporate development and strategic planning.
Ramaker, (Director) founder and C.E.O.
of Ramaker & Associates, the nation's premier
water park engineering firm who during more than
three decades has designed over 50 indoor/outdoor
A Central Location
The Summit at Grand Sierra Resort is located in the
heart of Reno, "America's Adventure Place,"
only minutes away from dozens of championship golf
courses, some of the country's finest ski resorts,
and hiking, biking, fishing and boating on Lake Tahoe.
It offers spectacular views of the surrounding Sierra
Mountains and Reno Valley. It is three miles east
of downtown Reno and just 1.5 miles to Reno Tahoe
The 12-mile Truckee River Recreation
Trail runs along Reno's scenic waterway and right
past the hotel. It is ideal for walking, biking, skating
and viewing local waterfowl.
location of The Summit at Grand Sierra Resort is strategic.
It is bounded on the west by U.S. Hwy 395, a major
arterial which averages more than 140,000 vehicles
per day. It is the primary north-south highway in
Reno, connecting it with Carson City and the Lake
Tahoe area, approximately 40 miles to the south.
Interstate Highway 80 is the primary
east-west route in the region, located less than one
mile north of the property. I-80 provides access to
Sacramento and San Francisco. The Grand Sierra Resort
will have access to more than 14.6 million people
within a 250-mile radius. This population base is
projected to grow to nearly 15.5 million by 2009.
A Little Background
Reno, Nevada is a popular tourist destination in the
northwestern portion of the state near the California
border and Lake Tahoe. Approximate distances are as
- 130 miles northeast of Sacramento,
- 210 miles northeast of San Francisco,
- 425 miles northwest of Las Vegas,
- 580 miles southeast of Portland,
Reno's central location helps it attract
visitors from nearby California as well as Oregon
and Las Vegas.
Northern Nevada offers a high quality
of life and a business-friendly environment. The ongoing
economic ills of California have contributed to the
region's economic growth in recent years, attracting
both population and business growth from the neighboring
state. The housing and construction industry has exploded
fueling the recent expansion.
Meanwhile, economic indicators reveal
that the regional economy is transitioning into a
more diversified economy from its reliance on the
gaming industry. The transformation is being led by
the technology, healthcare, construction and education
as a Destination
Downtown Reno, less than one mile from The Summit
at Grand Sierra Resort, is in the midst of an economic
and cultural resurgence. The Reno Events Center is
a newly built 118,000 sq. ft., $27.5 million facility.
It includes seating for 7,500 and is a draw for conventions,
concerts and sporting events.
According to award-winning designer
Dodd Mitchell, "Reno continues to evolve as a
destination and deserves a resort property that will
meet the needs of leisure and business travelers alike.
While the new property's nightclub, bar and casino
scene will be vibrant for adults looking to party,
we've placed an equal emphasis on family fun as well
as business amenities. We like to say this resort
will represent 'the re-creation of recreation.'"
Want More Information?
I've put together a data sheet on The Summit at Grand
Sierra Resort that will give you more details on the
property and specific instructions on how to reserve
a unit. It can be emailed to you immediately. In accordance
with developer requirements, we ask that you first
provide your name and contact information.
While there is no cost to you for
this data sheet or for Condo Hotel Center's services,
please understand that upon requesting this data sheet,
you will be registered with the developer as a client
of Condo Hotel Center, a licensed real estate broker.
The Grand Sierra Resort data sheet here.
So, it's been 27 years since I was last in Reno. I
went from a teenage boy wearing a three-piece leisure
suit (gimme a break, it was the 70s) trying to look
older to a 41-year-old realtor trying to look younger
and wishing he had the head of hair that he did when
he was 14.
Like me, the Reno Hilton has grown
up too and is still growing, from a luxury hotel with
the nation's biggest casino to a premier resort with
incredible amenities that you and your family can
enjoy owning and visiting for years. Sometimes looking
back can be fun, but in this case, I think the promise
of what lies ahead is even more exciting.
Thank you for your interest in news
from Condo Hotel Center. If you enjoy reading our
Property Alerts, please feel free to forward them
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if you'd like The Grand Sierra Resort data sheet,
Have a great week!
Joel Greene, Broker-Associate
Condo Hotel Center
A Division of Sheldon Greene & Assoc., Inc.
Licensed Real Estate Broker
12700 Biscayne Blvd., Ste. 301
N. Miami, FL 33181
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