The Meruelo Group plans to acquire the Grand Sierra Resort and Casino, a resort-hotel located in downtown Reno, Nevada, US, from Credit Markets Real Estate, a subsidiary of JPMorgan Chase, for an undisclosed price.

The 145-acre property features 2,000 guest rooms, 60,960m² of meeting space and 30,480m² of gaming space.

The property also features an RV park with about 178 spaces, 11 restaurants, sports bar and lounge, a movie theatre and a driving range.

The transaction is expected to be closed in March 2011, according to the San Jose Mercury News.

Following the acquisition, Meruelo group is planning to upgrade hotel rooms and suites, as well as improving the design and its gaming options.

Grand Sierra Resort had bought the property in 2005 from Caesars Entertainment for $151m before it was acquired by JPMorgan Chase.