[3] Shortly after the old Holiday closed, it was purchased by California investor Barney Ng, who planned to remodel the old building by completely gutting the structure and then rebuilding and expanding on it, at a cost of US$16-$20 million, transforming the structure and adding an all suite floor, an additional wing to the tower, a larger casino, dining venues, a large spa, and an entrance with a clock tower.

A group of investors from various locations around the country including Reno with hospitality experience called "Grand Siena, LLC" purchased the property for $3.9 million.

Grand Siena, LLC invested $5 million into refurbishing Siena Reno, including remodeled rooms, a redesigned casino, new restaurants and entertainment venues and a revamped spa.

They say the new facility will cater to a more mature audience with less emphasis on loud nightlife.

[1][5] Months later, the ownership group, led by developer Fernando Leal, announced that the Siena would be rebranded as a Renaissance Hotel, and confirmed that the casino would not reopen.