Nevada: Tahoe Biltmore casino acquired by real estate firm EKN for $56.8M

California-based real estate firm EKN Development Group has acquired the Tahoe Biltmore Lodge & Casino at Crystal Bay, located along the California-Nevada line on the north shore of Lake Tahoe, for $56.8 million.

Upon acquiring the 75-year-old Nevada property, the Newport Beach-based developer said it will continue operating the 113-room hotel and 100-slot casino while finalizing plans for further development of the 15-acre site, reports the Associated Press.

“The design of this project will introduce an unparalleled hospitality experience that will accentuate Lake Tahoe’s natural scenery and beauty while embracing the distinctive and pristine characteristics of the region,” EKN Development Group CEO Ebbie Khan Nakhjavani said about the firm’s plans.

EKN has the intention of developing the property into “a branded marquee destination” for both locals and visitors to Lake Tahoe’s North Shore. Records at the Washoe County Recorder’s Office show the $56.8 million transaction closed September 16, with the developer acquiring the property from prior owner Boulder Bay LLC.

Boulder Bay first purchased the property in 2007, for $28.4 million. In 2008, the company unveiled redevelopment plans for the property, which eventually were approved in 2011 amid community concerns. However, the project stalled due to funding issues.

EKN’s new plans for the property will see the company operating the hotel and casino in the interim, as it works in a modern project “that boasts a luxy hotel, luxury for-sale condominiums, casino, and curated mix-use retail.” In addition, “exciting amenities and experiences” will be incorporated, with further details to be announced “soon.”

The Tahoe Biltmore, which has held several names throughout its history, including Nevada Lodge and Cal-Neva Biltmore before settling on its current name, qualifies for the Tahoe Regional Planning Agency’s Community Enhancement Program, according to EKN. The TRPA initiative promotes “developments that provide substantial environmental, social or economic benefits to the Lake Tahoe Basin.”

EKN Development Group was founded in 2012, by Nakhjavani. The firm specializes in developing hotel, retail, mixed-use and high-density multi-family properties across the U.S., reports Nevada Appeal.

The Biltmore acquisition is the latest in a series of transactions to “strategically expand” its holdings to include regional destinations in key markets across the country. “During the pandemic, EKN accelerated its expansion activities, which resulted in securing over $250 million in equity commitments for projects slated to break ground in the next year," states a press release.