Ritz-Carlton, Lake Tahoe Multimillion Dollar Sale
The $120 million sale of the Ritz-Carlton, Lake Tahoe has officially closed. Included in this transaction is a 3.4-acre development site entitled for approximately 70 condominium units for $8,400,000.
"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. This will be the third Ritz-Carlton in our portfolio, and with the strong market fundamentals in the Northern California area along with our proven ability to work with Ritz-Carlton to maximize property level performance, we are excited about the future prospects for this iconic property.”" said Richard J. Stockton, Braemar's President, and Chief Executive Officer.