Kennedy Wilson Announces The Ritz-Carlton Residences, Lake Tahoe are 30 Percent Sold After Four Mont

Kennedy Wilson Announces The Ritz-Carlton Residences, Lake Tahoe are 30 Percent Sold After Four Months on Market

Only 16 Luxury Penthouses Remain at California's Most Prestigious Mountain Address

BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- Kennedy Wilson and its partners today announced that The Ritz-Carlton Residences, Lake Tahoe are 30 percent sold, four months following their release to the market. Perched mid-mountain at Northstar California, The Residences are comprised of 23 luxury penthouses, which were unveiled to the public and became available for purchase in mid-February 2013.

The Ritz-Carlton Residences, Lake Tahoe (Photo: Business Wire)

"We are pleased to see how quickly buyers embraced The Residences and acted on the opportunity to be a part of what we are confident will be a favorite gathering place for family and friends for years to come," says Stuart Cramer, president of KW Residential Investment Group. "The Residences surpassed initial sales goals. With 16 luxury penthouses remaining, only a privileged group of owners stand to acquire the exclusive, luxury living experience and iconic service afforded by The Ritz-Carlton and this world-class destination."

Kennedy Wilson and its partners acquired the hotel and residences in December 2012. Homes sales in the local Lake Tahoe real estate market increased 34 percent in 2012 (source: Chase International), making now an optimal time to buy.

"We expect continued momentum as the summer season kicks off and we begin to welcome owners into their homes, creating an added vibrancy within this intimate and exclusive neighborhood," said Cramer. "Sales at The Residences have benefitted from the booming Bay Area economy. The first home market has come back strong and the second home market is now strengthening as well."

Encompassing the entire top floor and a private wing of the third floor of The Ritz-Carlton, Lake Tahoe, the area's first AAA Five Diamond and Forbes Four Star resort and the first Ritz-Carlton resort to receive LEED Certification from the U.S. Green Building Council, The Residences combine the charm, excitement and possibilities of Tahoe with the warmth, style and legacy of the legendary brand.

The Residences exclusively afford owners and their families the best of both worlds: the excitement that comes with an all-season pass to Lake Tahoe, and the comforts and luxuries of the hotel. Offering elevated mountain living, The Residences are whole ownership homes consisting of two-, three-, and four-bedroom penthouses ranging from 1,554 to 3,407 square feet. The ski-in/ski-out residences, located at an elevation of 7,000 feet, offer unmatched views of Northstar, Martis Valley and Mt. Rose, with each penthouse featuring a unique floor plan that is distinctive, luxurious and livable. The Residences are selling from $1.25 million to $5 million.

The Residences were built within a natural wonderland, enhanced by unprecedented ownership privileges. Owners of the penthouses will enjoy pre-arrival concierge service, valet parking, a Residence Concierge, Ski Valet services, a private entry corridor and an elevator that delivers owners to their penthouses. Owners will also benefit from priority access to the exclusive facilities, services and amenities of the hotel, including its 17,000-square-foot Ritz-Carlton Spa, Lake Tahoe, fine dining in the resort's signature lounges and Manzanita restaurant, in-residence dining, Executive Business Service Center and the vibrant RitzKids program.

During the summer months, Northstar California becomes a family-friendly playground for owners of The Residences offering a seemingly unlimited supply of new adventures. Owners can enjoy miles of trails, daily guided hikes, mountain biking, fly fishing on Sawmill Lake, cooking classes and wine tasting events. With Lake Tahoe only 15 minutes away, penthouse residents can also partake in a wide variety of watersports arranged by the Residence Concierge. Penthouse owners will also be granted membership at the Tahoe Mountain Club, offering two championship golf courses, as well as The Pavilion at Old Greenwood's swim and tennis facilities.

The Residences are available for immediate occupancy. The sales launch came less than two months after Kennedy Wilson and its partners acquired the hotel and residences from the property's lenders. In conjunction with the grand opening of The Residences, Kennedy Wilson commissioned Jay Jeffers, named one of the country's top designers by ELLE Décor Magazine, to design three custom show homes, including a $5 million four-bedroom split-level penthouse. As The Residences kick-off their inaugural summer, Kennedy Wilson has invested in new pool cabanas, patio furniture, a bocce ball court, and a variety of other lawn games. These new amenities will be joined by additional property improvements this fall.

Potential buyers who wish to schedule an appointment can visit the sales office on the entry level of The Ritz-Carlton, Lake Tahoe or call 530-562-3114. To learn more about The Residences, please visit www.rcr-laketahoe.com.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 24 offices in the U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services, research and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., U.K., Ireland and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.

Photos/Multimedia Gallery Available:http://www.businesswire.com/multimedia/home/20130709005490/en/

Glodow Nead Communications
Courtney Finley, Heidi Pettit, Erica Bureau or Lena Dakessian, 415-394-6500
courtney@glodownead.com

KEYWORDS: United States North America California

INDUSTRY KEYWORDS:

The article Kennedy Wilson Announces The Ritz-Carlton Residences, Lake Tahoe are 30 Percent Sold After Four Months on Market originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.