Braemar Hotels & Resorts Inc. signed a definitive agreement to buy the Ritz-Carlton Lake Tahoe in Truckee, Calif., and an adjacent land plot for a total consideration of $120.0 million.
The 170-room luxury hotel, built in 2009, includes a number of amenities. The property underwent capital improvements worth more than $18 million over the past few years.
The adjoining 3.4-acre plot, currently vacant, is being entitled for luxury residential townhome development.
The acquisition, subject to customary closing conditions, is expected to close on or before Jan. 15, 2019, and not earlier than Dec. 12.
The property will continue to be managed by Ritz-Carlton following closing.
