TAHOE, Hawaii — The iconic shimmering hotel at the top of Lake Tahoes breathtaking cliffs is selling for a record $200 million, according to a real estate report.
The new owner plans to turn it into a luxury resort with the potential to become a $5 billion-plus hotel.
But the hotel is already undergoing a $1.9 billion renovation.
The owners plan to create a theme park at the hotel, which has a restaurant and spa and a spa, and will also add an indoor pool.
A new resort that will become a shopping center, a hotel and apartments are all on the horizon.
The project is being funded by a private group of investors.
They include the U.S. Government and California-based developer.
The hotel will be owned by the Pacific Pacific Holdings.
The Las Vegas-based Pacific Pacific owns the Tahoe Resort and Casino, a Las Vegas hotel that opened in 1999.
It’s located about 60 miles north of Tahoe.
The Tahoe’s owner has been looking to expand the resort.
The resort is also looking to build an indoor shopping mall, a spa and an apartment complex, said the report by real estate consulting firm T&M Associates.
The company said it would also build a hotel on the site.
A spokeswoman for Pacific Pacific Pacific said the company has not been given a formal offer for the hotel and would be evaluating all options.
The report said the hotel could sell for between $40 million and $50 million.
A number of other resorts in the area have been sold recently, including the Grand Californian, and the property could become a hot spot for the industry, according the report.