CBRE Hotels arranged the sale of the Ritz-Carlton, Lake Tahoe in Truckee, Calif. Global real estate investment company Kennedy Wilson sold the resort property for $120 million to Braemar Hotels & Resorts, a Dallas-based real estate investment trust founded in 2013.
The 170-key hotel opened in 2009, and Kennedy Wilson acquired the resort in 2012. The ski resort offers guestrooms and suites, a 17,000 square-foot slope-side spa, both indoor and outdoor meeting and event space and dining options. In 2017, Kennedy Wilson debuted Lake Club, a new facility on the shore of Lake Tahoe that provides guests direct access to the lake.
The transaction also included an adjacent development parcel. CBRE advised the seller.