Kennedy Wilson Announces The Ritz-Carlton Residences, Lake Tahoe are 30 Percent Sold After Four Months on Market

  Kennedy Wilson Announces The Ritz-Carlton Residences, Lake Tahoe are 30
  Percent Sold After Four Months on Market

  Only 16 Luxury Penthouses Remain at California’s Most Prestigious Mountain
                                   Address

Business Wire

BEVERLY HILLS, Calif. -- July 9, 2013

Kennedy Wilson and its partners today announced that The Ritz-Carlton
Residences, Lake Tahoe are 30 percent sold, four months following their
release to the market. Perched mid-mountain at Northstar California, The
Residences are comprised of 23 luxury penthouses, which were unveiled to the
public and became available for purchase in mid-February 2013.

The Ritz-Carlton Residences, Lake Tahoe (Photo: Business Wire)

The Ritz-Carlton Residences, Lake Tahoe (Photo: Business Wire)

“We are pleased to see how quickly buyers embraced The Residences and acted on
the opportunity to be a part of what we are confident will be a favorite
gathering place for family and friends for years to come,” says Stuart Cramer,
president of KW Residential Investment Group. “The Residences surpassed
initial sales goals. With 16 luxury penthouses remaining, only a privileged
group of owners stand to acquire the exclusive, luxury living experience and
iconic service afforded by The Ritz-Carlton and this world-class destination.”

Kennedy Wilson and its partners acquired the hotel and residences in December
2012. Homes sales in the local Lake Tahoe real estate market increased 34
percent in 2012 (source: Chase International), making now an optimal time to
buy.

“We expect continued momentum as the summer season kicks off and we begin to
welcome owners into their homes, creating an added vibrancy within this
intimate and exclusive neighborhood,” said Cramer. “Sales at The Residences
have benefitted from the booming Bay Area economy. The first home market has
come back strong and the second home market is now strengthening as well.”

Encompassing the entire top floor and a private wing of the third floor of The
Ritz-Carlton, Lake Tahoe, the area’s first AAA Five Diamond and Forbes Four
Star resort and the first Ritz-Carlton resort to receive LEED Certification
from the U.S. Green Building Council, The Residences combine the charm,
excitement and possibilities of Tahoe with the warmth, style and legacy of the
legendary brand.

The Residences exclusively afford owners and their families the best of both
worlds: the excitement that comes with an all-season pass to Lake Tahoe, and
the comforts and luxuries of the hotel. Offering elevated mountain living, The
Residences are whole ownership homes consisting of two-, three-, and
four-bedroom penthouses ranging from 1,554 to 3,407 square feet. The
ski-in/ski-out residences, located at an elevation of 7,000 feet, offer
unmatched views of Northstar, Martis Valley and Mt. Rose, with each penthouse
featuring a unique floor plan that is distinctive, luxurious and livable. The
Residences are selling from $1.25 million to $5 million.

The Residences were built within a natural wonderland, enhanced by
unprecedented ownership privileges. Owners of the penthouses will enjoy
pre-arrival concierge service, valet parking, a Residence Concierge, Ski Valet
services, a private entry corridor and an elevator that delivers owners to
their penthouses. Owners will also benefit from priority access to the
exclusive facilities, services and amenities of the hotel, including its
17,000-square-foot Ritz-Carlton Spa, Lake Tahoe, fine dining in the resort’s
signature lounges and Manzanita restaurant, in-residence dining, Executive
Business Service Center and the vibrant RitzKids program.

During the summer months, Northstar California becomes a family-friendly
playground for owners of The Residences offering a seemingly unlimited supply
of new adventures. Owners can enjoy miles of trails, daily guided hikes,
mountain biking, fly fishing on Sawmill Lake, cooking classes and wine tasting
events. With Lake Tahoe only 15 minutes away, penthouse residents can also
partake in a wide variety of watersports arranged by the Residence Concierge.
Penthouse owners will also be granted membership at the Tahoe Mountain Club,
offering two championship golf courses, as well as The Pavilion at Old
Greenwood’s swim and tennis facilities.

The Residences are available for immediate occupancy. The sales launch came
less than two months after Kennedy Wilson and its partners acquired the hotel
and residences from the property’s lenders. In conjunction with the grand
opening of The Residences, Kennedy Wilson commissioned Jay Jeffers, named one
of the country’s top designers by ELLE Décor Magazine, to design three custom
show homes, including a $5 million four-bedroom split-level penthouse. As The
Residences kick-off their inaugural summer, Kennedy Wilson has invested in new
pool cabanas, patio furniture, a bocce ball court, and a variety of other lawn
games. These new amenities will be joined by additional property improvements
this fall.

Potential buyers who wish to schedule an appointment can visit the sales
office on the entry level of The Ritz-Carlton, Lake Tahoe or call
530-562-3114. To learn more about The Residences, please visit
www.rcr-laketahoe.com.

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.

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Contact:

Glodow Nead Communications
Courtney Finley, Heidi Pettit, Erica Bureau or Lena Dakessian, 415-394-6500
courtney@glodownead.com
 
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