{"id":1004292797,"date":"2019-01-18T01:08:21","date_gmt":"2019-01-18T09:08:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004292797"},"modified":"2019-01-18T06:46:03","modified_gmt":"2019-01-18T14:46:03","slug":"lake-tahoe-ritz-carlton-commands-120m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lake-tahoe-ritz-carlton-commands-120m\/","title":{"rendered":"Lake Tahoe Ritz-Carlton Commands $120M"},"content":{"rendered":"
\"Ritz-Carlton,<\/a>

Ritz-Carlton, Lake Tahoe<\/p><\/div>\n

Kennedy Wilson has sold Ritz-Carlton, Lake Tahoe for $120 million, nearly seven years after acquiring the 170-key hotel in Lake Tahoe, Calif., in a $74 million deal that also included 23 condominiums and a 3.4-acre development parcel.<\/p>\n

During its ownership, Kennedy Wilson increased the ADR of the hotel by 63 percent and revenue per available room by 100 percent as a result of a number of capital and operational improvements. The company expanded the property’s culinary and wellness offerings, and enhanced outdoor attractions, children\u2019s activities and summer programming.<\/p>\n

\u201cWhen we and our partner acquired the property in 2012, the Ritz-Carlton, Lake Tahoe was the premier highlands resort west of the Rockies,\u201d <\/em>William McMorrow, Kennedy Wilson\u2019s chairman & CEO, told Commercial Property Executive. \u201cSituated mid-mountain on the Northstar California ski area, it was well-located and we saw significant potential for operational upgrades and capital improvements to take it to the next level.\u201d<\/em><\/p>\n

Lake Tahoe is one of the country\u2019s most popular tourist destinations, which has undoubtedly benefitted from the tech boom in San Francisco and the upswing in that economy.<\/p>\n

One of the big changes the company made to the resort was installing a new multi-level dining and bar facility called Lake Club, which transformed the Ritz-Carlton, Lake Tahoe from a primarily winter resort into a year-round destination.<\/p>\n

\u201cOur experience with the Ritz-Carlton, Lake Tahoe is a great example of our opportunistic and value add investment strategies\u2014buying where we see strength in the local market at a discount to replacement cost and with the potential to grow revenues through operational and capital improvements,\u201d<\/em> McMorrow said. \u201cWe also provided guests indoor and outdoor lakefront amenities and new recreational opportunities through the development of Lake Club, which has been very well received.\u201d<\/em><\/p>\n

Kennedy Wilson also sold out all 23 condo units at The Ritz-Carlton Residences in 2016 for a total gross sales price of approximately $50 million. \u201cWe also saw opportunity in the sales of the 23 penthouse units at the Ritz-Carlton Residences as the Bay Area economy and housing market were on the upswing,\u201d <\/em>McMorrow said. \u201cImportantly, we had the opportunity to acquire the property at a significant discount to replacement cost.\u201d<\/em><\/p>\n

The company plans to recycle the proceeds from the sale of the Ritz-Carlton, Lake Tahoe into new strategic investment opportunities.<\/p>\n

Deals across the pond<\/h2>\n

The global real estate company has been busy. Just last month, Kennedy Wilson sold a portfolio of hotels located across the U.K. for $54 million. Between the two deals, the company made a profit of $73 million over the lifespan of both investments. In that deal, Kennedy Wilson sold the remainder of a loan portfolio backed by six hotels totaling 864 keys, obtaining a 45 percent return on cost over the life of its investment.<\/p>\n

In November, Kennedy Wilson signed two of the largest European deals in the company\u2019s history<\/a> with two major tenants\u2014WeWork and ASOS\u2014in its London-based properties.<\/p>\n

Image courtesy of Kennedy Wilson<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Kennedy Wilson sold its interest in the 170-key hotel, which underwent capital and operational improvements including expanded culinary and wellness offerings and enhanced outdoor attractions.<\/p>\n","protected":false},"author":451,"featured_media":1004292800,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21742,36080,15],"tags":[33237,33329,33238],"class_list":["post-1004292797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-latest","category-sacramento","category-west","tag-kennedy-wilson","tag-ritz-carlton","tag-william-mcmorrow"],"acf":[],"yoast_head":"\nLake Tahoe Ritz-Carlton Commands $120M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lake-tahoe-ritz-carlton-commands-120m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lake Tahoe Ritz-Carlton Commands $120M\" \/>\n<meta property=\"og:description\" content=\"Kennedy Wilson sold its interest in the 170-key hotel, which underwent capital and operational improvements including expanded culinary and wellness offerings and enhanced outdoor attractions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lake-tahoe-ritz-carlton-commands-120m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-18T09:08:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-01-18T14:46:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Ritz-Carlton-Lake-Tahoe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lake-tahoe-ritz-carlton-commands-120m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lake-tahoe-ritz-carlton-commands-120m\/\",\"name\":\"Lake Tahoe Ritz-Carlton Commands $120M - 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