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Kennedy Wilson sells Ritz-Carlton Lake Tahoe hotel in Calif. for $120M


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Kennedy Wilson sells Ritz-Carlton Lake Tahoe hotel in Calif. for $120M

Real estate investment company Kennedy-Wilson Holdings Inc. sold the Ritz-Carlton Lake Tahoe luxury hotel in Truckee, Calif., for $120 million.

The company had entered into a definitive agreement to sell the hotel and an adjacent land plot in November 2018 to real estate investment trust Braemar Hotels & Resorts Inc.

The property was acquired by a Kennedy Wilson joint venture in 2012 in a $74 million deal that included the hotel's 170 rooms, 23 condominiums and a 3.4-acre development parcel.

Separately, Kennedy Wilson divested a portfolio of hotels in the U.K. at a $54 million price tag in December 2018. The company sold the balance of a loan portfolio secured by six hotels featuring 864 rooms. Kennedy Wilson initially bought the loans secured by eight hotels in 2015 and realized a 45% return on cost over the life of the investment.

The Beverly Hills, Calif.-based company registered a cash profit of $73 million over the lifetime of the two investments, according to a release.