By: John Joseph
Date: May 22nd 2015 01:39 PM
The Reno Ramada Hotel will soon have a new owner. The hotel located just east of downtown Reno is headed for the auction block on June 1. The property, built in 1974, features 284 rooms and several restaurants in a 13 story tower. The property is connected with, but not included in the sale, the Diamond casino.
The minimum opening bid for the property is $500,000 but the final price will likely be much more expensive than that. Bidders wishing to bid on the property need to submit a $5,000 bid deposit and proof of funding before bidding. In addition to the final bid amount, the buyer will also have to pay a 5% fee or $20,000, which ever is greater, to the auction company.
The Reno Ramada is located at 1000 East 6th Street in Reno.
Information about the auction including placing a bid is available at Auction.com.