Lake Tahoe is set to get a new luxury resort as the former Tahoe Biltmore site sees new life as the Waldorf Astoria Lake Tahoe.

Parent company Hilton announced plans on Monday to develop a new mixed-use development at the 15-acre site, its fourth luxury property in Nevada and the first Waldorf Astoria in the Sierra Nevada mountain range, according to the global hospitality firm.

“As we continue to grow our luxury portfolio, Hilton is always looking for the right opportunities to expand our presence in popular resort destinations,” said Kevin Jacobs, chief financial officer and president of global development for Hilton, in a statement.