Kennedy Wilson Sells the Ritz-Carlton, Lake Tahoe for $120 Million

Kennedy Wilson | January 16, 2019

BEVERLY HILLS, Calif.--January 16, 2019--Global real estate investment company Kennedy Wilson (NYSE:KW) announced today the sale of the Ritz-Carlton, Lake Tahoe for $120 million. In December, the company also sold a portfolio of hotels located across the U.K. for $54 million. A cash profit of $73 million to Kennedy Wilson was generated over the lifetime of the two investments. 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 million and have since solidified the resort as one of the most upscale destinations in Northern California. The...