The sale of the Siena Hotel Spa and Casino to Grand Siena LLC has received approval from the United States Bankruptcy Court for the District of Nevada Reno Division.
Consummation of the transaction remains subject to completion of definitive documentation and receipt of a final sale order approval by the Bankruptcy Court. Innovation Capital served as exclusive financial advisor to the debtors in possession and conducted a competitive auction process involving numerous qualified bidders and multiple rounds of overbidding, resulting in a 30 per cent increase in price to the opening bid.
The debtors commenced chapter 11 bankruptcy proceedings on July 21. The Siena includes a 23,000sq.ft gaming floor with capacity to offer up to 650 slot machines (most recently featuring 292 slots) and up to 16 table games, 214 hotel rooms (185 regular rooms and 29 suites), three restaurants, a full-service spa/salon, a lounge, 11,000sq.ft of meeting space, 180 space parking lot (including 39 valet spaces) and other entertainment options. The Siena ceased operations on October 21due to liquidity constraints.
