Last month's purchase of the Tahoe Biltmore Hotel and Casino and Crystal Bay Hotel marks another significant redevelopment project at North Lake Tahoe.
Crystal Bay's makeover by Boulder Bay LLC could be similar to nearby upscale projects such as the Village at Northstar, the Ritz-Carlton Highlands at Northstar and the Resort at Squaw Creek.
The developer has not yet disclosed its plans for the site, except that it intends to turn the property into an upscale resort destination with residential ownership, retail, and high-end gaming. Observers say it was only a matter of time before redevelopment touched the area frequented by Frank Sinatra, Marilyn Monroe and the Rat Pack in the 1950s and 1960s.
"What we have been seeing is new investment coming in across all of Lake Tahoe, and we are seeing it now in the North Shore with pockets of investment and redevelopment," says Andy Chapman, director of tourism for the North Lake Tahoe Tourism Association. "The area certainly hasn't seen the capital infusion over the years that it needs, and it has the greatest potential for getting new capital projects. That area of North Lake Tahoe needed this. It will be beneficial for the entire Lake Tahoe area because it will be a new draw."
Boulder Bay LLC, comprised of International Supply Consortium LLC, Shoreline Capital LLC and Scott Companies LLC, purchased the Biltmore and other properties from a handful of individual owners for an undisclosed amount, says Boulder Bay spokesperson Deanna Ashby. The Crystal Bay Club Casino, owned by Roger and Elise Norman, was not part of deal.
The Biltmore isn't the only Crystal Bay property to be redeveloped. The neighboring 220-room Cal-Neva Resort also is undergoing renovation into a privately owned condo hotel.
Kevin Beaton, general manager of the 90-room Biltmore, did not yet know of Boulder Bay's specific plans for his property, but he notes, "All changes will be good."
Once the hotspot of the lake, Crystal Bay has lacked the luster of South Shore gaming establishments. But history, not gaming, may be an equally large piece of the area's tourist draw.
"History is an important part of every destination, and this little part of the lake has its share," says Bill Hoffman, executive director of the Incline Village Crystal Bay Visitor's Bureau. "We do everything we can to promote that aspect."
Hoffman sees a revamped Crystal Bay as an entertainment draw for new condo dwellers in Truckee, Squaw Valley and Northstar.
"We anticipate that this project and the Cal-Neva restoration would have a huge impact on the desirability of our product and the bottom line for our tourism revenues. If all renovations are done properly that is going to be the entertainment magnet for the North Shore," he says.
