Kennedy Wilson and Partners Acquire The Ritz-Carlton, Lake Tahoe and The
Ritz-Carlton Residences, Lake Tahoe
Company to begin sale of residential units in January
BEVERLY HILLS, Calif. -- December 18, 2012
International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the company and its partners acquired The
Ritz-Carlton, Lake Tahoe and The Ritz-Carlton Residences, Lake Tahoe from the
property’s lenders. Pacific Western Bank provided $45 million of financing.
The company invested $18 million of equity in the transaction for a 50%
Constructed in 2009, the resort includes The Ritz-Carlton, Lake Tahoe and The
Ritz-Carlton Residences. The hotel is the first Forbes Four-Star/AAA Five
Diamond resort in the Lake Tahoe area and includes 170 guest rooms. The
residential component encompasses the entire top floor of the hotel, and a
private wing on the third floor includes 23 penthouse residences.
“The Ritz-Carlton, Lake Tahoe is the premier highlands resort west of the
Rockies and we are pleased to be able to acquire the property at a significant
discount to replacement cost,” said Stuart Cramer, president of KW Residential
Investment Group.“Along with the recent increase in investment and upgrading
of properties in the area, The Ritz-Carlton, Lake Tahoe now establishes Lake
Tahoe as a true world class destination.”
Nestled mid-mountain on the Northstar California Resort, the Northern
California contemporary mountain retreat features slope-side ski-in, ski-out
access in winter and mountain concierge services for golf, mountain biking and
hiking in the summer.The hotel’s signature restaurant, Manzanita, features
seasonal French-inspired California cuisine, while the resort’s 17,000 square
foot Highlands Spa provides treatments and therapies themed around water and
The company will begin marketing the 23 units at The Ritz-Carlton Residences,
Lake Tahoe in January.
“We expect sales at the property to benefit from the booming Bay Area economy
and housing market,” commented Tori Long of Tahoe Exclusive Properties, the
sales agent for the units. “Additionally, the penthouses will stand the test
of time as the pinnacle of luxury ownership in all of Tahoe. Families will be
pampered here, children will learn to ski and explore here, and they’ll enjoy
the wonder of the mountains coupled with a level of sophistication and service
Kennedy Wilson, together with its institutional partners, has acquired
approximately $7.1 billion of real estate and real estate related debt since
the beginning of 2010.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and
services company headquartered in Beverly Hills, CA with 24 offices in the
U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array
of real estate services including auction, conventional sales, property
services, research and investment management. Through its fund management and
separate account businesses, Kennedy Wilson is a strategic investor of real
estate investments in the U.S., U.K., Ireland and Japan. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.
VP of Corporate Communication
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