U.S. real estate investment trust company Braemar Hotels & Resorts Inc. has agreed to purchase the 170-room Ritz-Carlton Lake Tahoe in Truckee, California, a hotel owned by luxury hotel chain operator Ritz-Carlton Hotel Company, a subsidiary of Marriott International.
The Ritz Tahoe has 170 rooms, including 17 suites. The resort also offers an array of amenities, including ski-in or ski-out access, an ultra-luxury Lake Club, a full-service spa, six food and beverage outlets, flexible indoor or outdoor meeting space, two outdoor pools, fitness club and yoga studio, and the Ritz Kids Club.
In addition, Braemar Hotels & Resorts is also acquiring a 3.4-acre plot of vacant land adjacent to the hotel that is being entitled to a luxury residential townhome development. The total consideration for the acquisition is $120 million and consists of $103.4 million for the hotel, $8.4 million for the adjacent development parcel, and $8.2 million for capital reserves.
Braemar added that the property fits perfectly with the company’s strategy of owning luxury hotels and resorts and further diversifies its portfolio while also increasing the overall revenue per available room of Braemar’s portfolio.