The Tahoe Biltmore is located in Crystal Bay at Lake Tahoe.
A notice of default for the Tahoe Biltmore and Casino has been rescinded, according to the developer working on the historic Lake Tahoe property.
“We are focused on ensuring a successful outcome for all stakeholders as we actively work through the restructuring of financing,” said EKN Development founder and CEO of EKN Ebbie K. Nakhjavani. “As a result of these efforts, the Notice of Default has now been removed. We remain fully committed to the revitalization of the Tahoe Biltmore property as we continue to invest and make progress on site work in anticipation of demolition and groundbreaking by Spring 2025.”
EKN is continuing to prepare the site for construction as efforts to refinance the project advance.
The Tahoe Regional Planning Agency unanimously approved the revitalization project on April 26, 2023.
To date, the developers have completed the initial required steps to abate the hotel structure and demolish the property’s cottages while continuing to mitigate preexisting environmental impacts with preliminary site cleaning measures, according to the developer.
According to a notice of default on the Washoe County Recorder’s website, the project is encumbered by around $110.76 million.
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An Oct. 8 public auction has been delayed for the Biltmore Lodge and Casino, according to the developer.
“As we’ve expressed before, we have extended the sale date until Nov. 5, which is part of this ongoing process,” said Ebbie K. Nakhjavani, founder and CEO of EKN Development. ““We are focused on ensuring a successful outcome for all stakeholders as we actively work through the restructuring of financing. We remain fully committed to the revitalization of the Tahoe Biltmore site as we continue to invest in and make progress on site work.”
EKN Development Group purchased the historic Lake Tahoe casino for $56.8 million with plans for it to become Lake Tahoe’s first Waldorf Astoria. The casino has been closed for two years.
The Biltmore, an iconic location in Crystal Bay, was built in 1947.
EKN wasn’t the first to throw their hat in the ring in purchasing the property. In 2007, Roger Wittenberg, a resident of Incline Village, purchased it for $28.4 million. Wittenberg wanted to raze the property and transform it into Boulder Bay—a wellness retreat, public space, and hotel. But the project stalled out during the financial crisis. Boulder Bay sought help from JMA Ventures, a San Francisco developer that also owns Homewood Mountain Resorts.
Construction work still continues at the site, with “a focus on road construction and utilities” according to an EKN Development Group.
Eli Ramos of the Tahoe Daily Tribune.
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