The 109-year-old Nevele Grande Hotel and Country Club in New York’s Catskill Mountains has been acquired out of receivership by a group led by former Caesars and MGM Resorts executive Larry Woolf.
The resort will be upgraded into what the buyers say will be a “family-friendly, five-star gaming resort.”
An affiliate of Claremont Partners bought the 500-acre property in Warwarsing, which is about 100 miles north of New York City. Claremont Partners will invest as much as $500 million renovating the property.
Claremont Partners is led by Larry Woolf, who has served as president of Caesars in Lake Tahoe and CEO of the MGM Grand in Las Vegas.
No purchase price for the Nevele Grand was disclosed.
The resort opened in 1903, making it one of the oldest in the Catskills. It includes more than 450 hotel rooms as well as a golf course, ski hill, ski chalet and ice-skating rink. The property shut down in 2009. (Watch a Nevele commercial from the 1980s below.)
Local officials must approve gaming for the resort. The towns of Warwarsing and Ellenville have endorsed the allowance of gaming, while some Ulster County leaders have “indicated strong support,” the buyers said.
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