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JPMorgan Subsidiary Buys Grand Sierra Resort (the old Reno Hilton)

By Chuckmonster on Saturday, 4th October 2008 12:42am
  » filed under Reno, Tahoe & Sparks  comments: 4


Reno's Grand Sierra Resort, aka the Reno Hilton aka Ballys Reno aka MGM Grand Reno, has been sold for the second time in three years.

The buyer, a generically named holding company of JPMorgan Chase, "Credit Markets Real Estate Corporation" has purchased the property from Grand Sierra Resort Corporation in a "mutual transfer agreement." The skinny in Reno is that GSR's big plans - which we outlined in one of our first feature articles for RenoTripping eons ago - didn't exactly pan out. JPMorgan Chase swooped in, much like they did to Washington Mutual last week.

Fun fact: at one point, the MGM Grand Reno was the largest hotel in the world.

Again... thanks to Sperman508 for sending in the tip... you're a sponge buddy!



Comments & Discussion:

The story I read made me think that they already held the note on the property, and took over operation because the previous operator was at or near default.
Anyone know what kind of shape the Reno market is in? I see a lot of stories that make it seem like it is slowly drying up.

Uh, maybe I should read recent comments before I hit submit. Sorry.

Reno's market is streamlining through attrition, not consolidation. The bigger players are still rolling forward, but the smaller players are hanging on or closing.

Wonder how business has been, they've been a regular advertiser on CNBC lately.

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