The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
September 20, 2019
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Kennedy Wilson Collects $120 Mil from sale of Ritz-Carlton, Lake Tahoe Hotel


Kennedy Wilson has sold the Ritz-Carlton, Lake Tahoe hotel to Braemar Hotels & Resorts for $120 mil. In December, Kennedy Wilson also sold a portfolio of hotels located across the U.K. for $54 mil.

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 mil and have since solidified the resort as one of the most upscale destinations in Northern California. 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 mil.

“We saw a tremendous opportunity to acquire this iconic luxury hotel property from a group of lenders at a significant discount to replacement cost in 2012 and with a focus on enhancing amenities and operational performance, we have repositioned the Ritz-Carlton, Lake Tahoe as a leading resort in one of the country’s most popular tourist destinations,” said William J. McMorrow, Chairman and CEO of Kennedy Wilson. “The sales of the Ritz-Carlton, Lake Tahoe and the U.K. hotel portfolio enable us to tap into the value we’ve created and to continue recycling capital into other strategic investment opportunities.”

Since 2012, Kennedy Wilson grew the ADR by 63% and revenue per available room by 100% at the Ritz-Carlton, Lake Tahoe through a series of capital and operational improvements including expanded culinary and wellness offerings, enhanced outdoor attractions, children’s activities and summer programming.

In 2017, the company debuted Lake Club, a new multi-level dining and bar facility that helped transform the hotel from a primarily winter resort into a year-round destination. The Lake Club provides guests direct access to the lake with an expansive lawn that extends to the water’s edge and a private boat pier offering summer recreational activities.

In December, the company sold the remainder of a loan portfolio backed by six hotels totaling 864 rooms located in the United Kingdom. Kennedy Wilson initially acquired the loans secured by eight hotels in 2015. With the help of a receivership structure, tenant surrender and asset management strategies and a structured sales process, the company realized a 45% return on cost over the life of the investment.

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media