Kennedy-Wilson Holdings Inc. , an international real estate investment and services company, recently acquired The Ritz-Carlton, Lake Tahoe and The Ritz-Carlton Residences, Lake Tahoe along with its partners. The property was acquired with $45 million of loan financing and $18 million of equity investment by the company for a 50% stake.
The 170-room premier highlands resort features 23 penthouse residences in addition to the entire residential top floor. The company will begin selling the residential units in January 2013 and expects good response owing to the robust housing market in the Northern California Bay Area.
The hotel features luxurious accommodation with seasonal French-inspired California cuisine. The resort’s premier spa provides treatment and therapies themed around water, woods and wellness. The luxury resort will enable visitors to enjoy the sophistication provided along with memorable ski and mountain adventures with concierge services for golf, mountain biking and hiking. The hotel provides personalized services, upscale amenities and breathtaking scenic beauties.
Headquartered in Beverly Hills, California, Kennedy Wilson offers a wide array of real estate services including auction, conventional sales, property services, and research and investment management. The company has 24 offices spread across the U.S., U.K., Ireland and Japan. Since 2010, Kennedy Wilson, along with its institutional partners, has acquired approximately $7.1 billion worth of real estate and debt through consolidated investments.
Kennedy Wilson currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We have a long-term Neutral recommendation on the stock. One of its competitors, CBRE Group, Inc (CBG - Free Report) holds a Zacks #5 Rank, which translates into a short-term Strong Sell rating.