Ritz-Carlton Tahoe Should Avoid Foreclosure, After All
It only opened in December, but earlier this week things looked dicey for the Ritz-Carlton Highlands, Lake Tahoe. On Tuesday, news outlets including The Sacramento Bee reported that the hotel had gone into default. Apparently the property itself did not go into bankruptcy, however its developer "put nearly $1 billion worth of Northstar real estate development into bankruptcy reorganization."
This doesn't mean the new Ritz-Carlton had a bad ski season, though. Spokesperson Steven Holt said, "We've had an amazing winter." But can strong business save the ski resort from bigger-picture real-estate woes?
It looks hopeful. According to The Ski Channel TV Network the Ritz says it will be able to pay the $19 million default and avoid foreclosure. Developers said they are working closely with Bank of America and hope to have the issue resolved in the next 60 days.
Meanwhile, the hotel has been closed for seasonal maintenance, but reopens on May 10, with rooms starting at $249 a night.
In other west coast Ritz news, it's final curtains for the Ritz-Carlton Lake Las Vegas this weekend. If you want to bid the hotel, and its popular spa, farewell, rooms start at $269 for tomorrow night.