EKN Development, tasked with redeveloping the old Tahoe Biltmore site into a Waldorf Astoria resort, is in financial trouble. The Newport Beach-based firm has received its second notice of default for an $82 million loan in less than a year, halting the project once more. The long-vacant Biltmore has seen numerous failed attempts to revitalize it into a luxury resort over the past two decades. Hilton expresses commitment to the resort venture but clarifies that they do not own the property, limiting their comments on project timelines and developer issues.
The Waldorf Astoria project in North Lake Tahoe is endangered after EKN Development received its second notice of default for an $82 million loan this year.
The old Tahoe Biltmore Lodge, caught in a cycle of failed developer attempts, has remained a blighted structure over Highway 28 for nearly two decades.
Hilton remains committed to the Waldorf Astoria location yet clarifies that it does not own the property and cannot provide updates on the developer's timeline.
After receiving a notice of default, developers have a three-month grace period in Nevada before the property can be foreclosed and sold at auction.
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