Company to begin sale of residential units in January
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Dec. 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% ownership interest.
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 woods.
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 unrivaled anywhere.”
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.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
VP of Corporate Communication
(310)
887-6294
[email protected]
www.kennedywilson.com