RENO, Nev.--(BUSINESS WIRE)--An affiliate of L3 Development LLC has completed the purchase of Fitzgeralds Hotel and Casino in downtown Reno. Joining L3 Development in the transaction is RAC II LLC, which assumed the gaming and hotel operations of Fitzgeralds on November 1, 2007.
With the purchase and transfer of the property at 12:01 a.m. Thursday, Robert A. Cashell, Jr., the sole principal of RAC II LLC, will be the new general manager, overseeing the operations of the 351-room hotel and casino. Cashell, who was born and raised in Reno, is also a partner in Cashell Enterprises and runs several other gaming properties in northern Nevada.
L3 Development, whose principals are Fernando Leal and Donald R. Wilson Jr., is converting the former Golden Phoenix Hotel and Casino neighboring Fitzgeralds into The Montage Residences, a 380-unit luxury condominium and commercial development.
“This team has exhibited a tremendous commitment to downtown Reno and to the community as a whole,” Cashell said. “There is incredible excitement surrounding downtown and its future, and we’re planning to position Fitzgeralds as one of the leaders in the renaissance of downtown Reno.”
The new ownership team plans about $3 million worth of immediate improvements to the property, including the installation of new elevators, upgrading plumbing systems and refurbishing the 850-space parking garage. While these changes occur, customers can continue to expect premier customer service, exciting gaming and wonderful dining.
With an eye to the future, the new owners are in the process of developing a master plan for the property that will add Fitzgeralds to the growing list of reasons for residents and tourists to visit downtown Reno.
“There is nothing more important for the future of Reno than the rejuvenation of downtown,” said Leal, whose investment in the Montage totals more than $160 million. “There is no limit to how great downtown Reno can be, and Fitzgeralds is a downtown fixture that will play a critical role in how the city’s urban core changes in the coming years.”