Tahoe Ritz Carlton Checks Out, Defaults

As the first step towards possible foreclosure, the new Ritz Carlton Hotel in Lake Tahoe has gone into default. This is not so much a reflection on the Ritz Carlton, but on what's going on in the entire Tahoe region. The luxury hotel opened in December and charges anywhere from $249 to $4,000 a night--perhaps a bit steep in these time of recession when most people are looking for affordable deals.

The Tahoe hotel's developer, East West Resort Development, put nearly $1 billion worth of Northstar real estate development into bankruptcy reorganization; having built hundreds of condominiums and townhomes in the area around the Northstar-at-Tahoe ski resort.