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Kennedy Wilson JV Bags Ritz-Carlton Assets

LOS ANGELES- KW acquires a 50% ownership interest in two Lake Tahoe properties in this week's wrap-up of West Coast deals.

By Carrie Rossenfeld | Updated on December 20, 2012

(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)

LOS ANGELES-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Kennedy Wilson and its partners have acquired the Ritz-Carlton, Lake Tahoe and the Ritz-Carlton Residences, Lake Tahoe from the property’s lenders free and clear of existing debt. Pacific Western Bank provided $45 million of financing for the transaction, and KW invested $18 million of equity for a 50% ownership interest. The company will begin marketing the 23 units at the Ritz-Carlton Residences in January. HFF marketed the Ritz-Carlton, Lake Tahoe, a 170-room luxury resort, on behalf of the seller, Truckee Highlands Syndicated Holdings LLC. The HFF investment sales team representing the seller was led by senior managing director Dan Peek and managing director Holden Lim, along with senior managing directors Michael Leggett and Gerry Rohm, director Max Comess and real estate analyst Cyrus Vazifdar.

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