WAWARSING & ELLENVILLE, N.Y.--(BUSINESS WIRE)-- In an important step toward revitalizing Ulster County’s famed Nevele Grande Hotel and Country Club, investment group Nevele Investors LLC announced today that it has finalized the purchase of the 500-acre site in Wawarsing, NY. The development of a family friendly, five-star gaming resort will create thousands of jobs and will be the eastern anchor of the revitalization of the Catskills historic resort region.

If casino gaming is approved for the resort, Nevele Investors LLC anticipates up to a $500 million redevelopment, which would transform the current site into a resort and casino employing as many as 1,000 people. The investment group intends to preserve several of the Nevele’s iconic elements, including the tower, entrance lobby and ice rink. The investment group also plans to re-open the Nevele’s professional golf course and to restore it to its former championship-level status.

“It’s a first step in realizing our vision for a redeveloped Nevele resort and revitalized Catskills region,” said Michael Treanor, CEO of Nevele Investors LLC. “The purchase is a key step in a regional initiative to drive tourism and stimulate area businesses. The Nevele has always been central to the regional economy, and our plan would restore it to its former use and prominence.”

The Nevele Grande has been closed since 2009 and the property had gone into receivership prior to the purchase by Nevele Investors LLC.

The town boards of both Wawarsing and Ellenville have unanimously passed resolutions endorsing inclusion of the Ellenville/Wawarsing region in state legislation permitting casino gaming. Ulster County Executive Mike Hein, Ulster County Legislature Chairman Terry L. Bernardo, Wawarsing Town Supervisor Scott Carlsen and Ellenville Mayor Jeff Kaplan have all indicated strong support.

“I congratulate the Nevele Investors LLC group on finalizing the purchase of the Nevele resort property,” said County Executive Hein. “Ulster County looks forward to working with municipal leaders and the development team to ensure the revitalization of this incredible tourism destination. The opening of this historic property and the creation of jobs are critically important to our entire community.”

“We’re excited that this potential project is moving forward with the promise of needed investment and job creation,” said, Chairman Bernardo. “The economic boost associated with the re-development of the historic Nevele Grande Hotel is critically needed in Ulster County and I, along with my colleagues on the County Legislature, look forward to working closely with all involved.”

“It’s very exciting news,” said Supervisor Carlsen. “It would be a tremendously positive project in terms of really bringing people back to the Nevele, to Ulster County and the Catskills. My strong sense is that the community’s initial reaction has been terrific and that especially as folks learn more about the plan, they’re really going to be behind it.”

“Nevele would offer a real jewel,” continued Mayor Kaplan, “and start a rehabilitation and restoration of the area after a recession that hit us very hard.”

“I think the rehabilitation and revitalization of the Nevele is exciting news for our area,” said Julie Cohen Lonstein, an Ellenville attorney and resident. “It will usher in a new era for our community and the entire area by providing a modern version of the Catskills resorts.”

“We have been engaging with the community and local business and civic leaders at the town and county level,” said Larry Woolf a principal member of the investment team. “The members of the community have seen first hand the impact of the closure of local resorts, businesses and the loss of tourism and jobs. We look forward to meeting with county legislators, speaking with residents and joining with local businesses in working to eventually welcome employees and guests back to the Nevele,” Mr. Woolf added.

Mr. Treanor and his team expect to focus heavily in the near-term on consolidating widespread local support both at the grassroots level and throughout Ulster County.

About Nevele Grande Hotel and Country Club

The Nevele property, located in the Town of Wawarsing, NY, just outside the Village of Ellenville, spans nearly 500 acres and was long considered the crown jewel of the booming Catskills resort industry. The Nevele, which opened its doors in 1903, was, for over a hundred years, one of the region’s prime recreation and sporting destinations. The property includes over 450 hotel rooms in several buildings including an iconic nine-story tower. The property has numerous amenities, including a professional golf course which has hosted championship events, indoor and outdoor pools and tennis courts, a ski and toboggan slope, an art deco ski chalet with sunken fireplaces, a large outdoor ice rink with a stunning cantilevered roof, hiking trails, horseback riding stables, and an indoor fitness center. The site is convenient to the New York metropolitan area and is readily accessible from Route 17 (I-86) and U.S. Route 209.

About Nevele Investors LLC

Nevele Investors LLC is a wholly-owned subsidiary of Claremont Partners Limited. Claremont Partners Limited is an investment company focused on early-stage gaming opportunities worldwide. Larry Woolf, Chairman Emeritus of Claremont Partners and Michael Treanor, Director and Chief Executive Officer of the company, each have extensive experience in domestic and international gaming and both are highly regarded within the industry.

Mr. Woolf, who has initially been designated to operate the casino at the Nevele, has been in the gaming industry for over 40 years. Mr. Woolf has served as President of Caesar’s in Lake Tahoe, NV and as Chairman and Chief Executive Officer of MGM Grand Hotel & Casino in Las Vegas, NV. He is the founder and principal of Navegante Group, Inc., a leading full service gaming company.

Mr. Treanor has over 20 years of real estate and investment experience. He has worked as a corporate and real estate attorney at New York-based Cadwalader, Wickersham & Taft, in the Real Estate Investment Banking Group at Lehman Brothers Inc. and as a partner in real estate merchant banking firm Fremont Realty Capital. Mr. Treanor left Fremont in 2005 to form and manage a series of investment companies focused on development and redevelopment of gaming and leisure properties in Miami, Las Vegas and Asia.




Source: Nevele Investors LLC