Madison Capital Launches $36M OZ Fund for Reno Hotel Redevelopment

Madison Capital Group has launched Madison Reno Hotel QOF, LLC, a qualified opportunity fund aimed at redeveloping a landmark hospitality property in downtown Reno. The vehicle will focus on repositioning the original Harrah’s Resort and Casino into a premium Class A hotel with about 292 guest rooms and full-service amenities.

The fund is targeting roughly $36.2 million in capital commitments from accredited investors. It is structured to offer eligible participants the potential tax benefits associated with qualified opportunity zone investing, including deferral of certain capital gains and the potential elimination of taxes on future appreciation for investments held at least 10 years. The minimum investment is $50,000.

“We believe the Reno market presents a compelling combination of favorable demographic trends, tourism demand, business migration and long-term redevelopment potential,” said Ryan Hanks, chief executive officer of Madison Capital Group Holdings.