A Southern California real estate investment firm has purchased the Ritz-Carlton luxury hotel at Lake Tahoe from a group of lenders.
Kennedy Wilson and its partners also acquired the adjacent Ritz- Carlton Residences, which has 23 units that will be offered for sale. Both properties are at the Northstar ski resort.
Kennedy Wilson declined to release a purchase price, but said it borrowed $45 million and invested $18 million in equity for a 50 percent stake. The rest of the property will be owned by a partner, whose identity was not disclosed.