Braemar Buying The Ritz-Carlton Lake Tahoe for $120M
Dallas-based Braemar Hotels & Resorts Inc. is acquiring the 170-room Ritz-Carlton Lake Tahoe in Truckee, CA for $120 million. The company is also acquiring a 3.4-acre plot of vacant land adjacent to the hotel that is being entitled for luxury residential townhome development.
Braemar’s Richard J. Stockton says, “The acquisition of the Ritz-Carlton Lake Tahoe is an opportunity for us to acquire an iconic and irreplaceable luxury resort property with a premier location on the Northstar ski mountain in the world-famous Lake Tahoe area.”
Located in the North Lake Tahoe area, the property is situated mid-mountain at the Northstar Ski Area. It was built in 2009 and also includes 17 suites. The resort also offers an array of amenities, including ski-in/ski-out access, an ultra-luxury Lake Club, a 17,000-square-foot full-service spa, six food and beverage outlets, and more than 37,000 square feet of flexible indoor/outdoor meeting space.
The deal is expected to close by mid-January 2019.
* In January 2019, Kennedy Wilson reported it completed the sale. CBRE’s Mark Mcdermott, Henry Bose and Laurie Lustig-Bower handled the transaction.
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