The Ritz-Carlton Lake Tahoe property includes 170 hotel rooms that were sold to Braemer Hotels.
SOUTH LAKE TAHOE, CA—Following a UK hotel portfolio sale in December for $54 million, Kennedy Wilson recently sold the Ritz-Carlton Lake Tahoe for $120 million to Braemer Hotels and Resorts Inc. A cash profit of $73 million to Kennedy Wilson was generated during the lifetime of the two investments.
Kennedy Wilson and its partner acquired the Ritz-Carlton Lake Tahoe's 170 hotel rooms, 23 condominiums and 3.4-acre development parcel in 2012 for $74 million and have since solidified the resort as a high-end destination. The company also completed the sellout of all 23 condominium units at the Ritz-Carlton Residences in 2016 for a total gross sales price of approximately $50 million.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
