Siena To Be Auctioned

Yo! Feel like buying a hotel casino? The Siena is to be auctioned off to a single buyer by a ntional bank firm as a turnkey operation with or without the casino. I vote without.

If you want to dig into the guts of the papers filed, you can see them here and here.

Thoughts?

Comments:

Post your comments
Posted by: Rory - 11/4/2010 9:19:00 AM
"Siena is one of the only boutique hotel spa casinos in Reno and therefore, it is not in direct competition with any of the other properties in Reno." This is a patently FALSE statement. The Siena is and always was in direct competition with every hotel/casino in Reno regardless of defining themselves as a boutique hotel.

Posted by: oldjohnny - 11/4/2010 1:41:37 PM
Wow that was fast. I can't see anyone buying this for the back "rent payment" in this economy. Still wish Fernando would take it, get the boutique hotel out of his system, and let the Fitz reopen as a gambling hotel. Siena is just too out of the way to make the gambling thing work there, in my opinion. Darn shame that another hotel is gone downtown, though. Especially a nice one.

Posted by: Matt - 11/4/2010 10:08:55 PM
You know it's funny, Sharon Zadra was featured on KTVN tonight regarding the Siena's impending sale and was talking all about how "Reno shouldn't have closed hotels downtown" what is this woman blind? Yeah she's RIGHT BUT..has she looked around lately? Fitz! Virginian! Sundowner/Belvedere! WAKE UP ZADRA, you're on the right page you're just not reading it correctly

Posted by: SmartBrander - 11/5/2010 7:16:56 AM
Seems to me that casino gaming is no longer the economic driver to our local economy that it has been. If the Siena repurposes itself as a truly boutique spa resort, they'll have to keep prices low enough to attract a section of our current visitor demographic to break even. With a &7M "rent" investment, it will take someone with deep pockets, a love for our City, and vision to create a new economy downtown to make it work. Maybe Fernando Leal can leverage his resources? Who else would have the vision to tackle this challenge now?