This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Kennedy Wilson And Partners Acquire The Ritz-Carlton, Lake Tahoe And The Ritz-Carlton Residences, Lake Tahoe

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.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs