Lake Tahoe’s Ritz-Carlton will avoid foreclosure

Posted By: The Ski Channel on April 28, 2010 2:31 pm

This is good to hear. The Ritz-Carlton Highlands Lake Tahoe has reported that they will be able to pay the $19 million default of which Bank of America notified them. This will in essence assure that the resort will not go into foreclosure.

East West Partners, the lead lender on the resort project, says this should all be resolved in the next two months. Here’s Managing Partner Blake Riva: ““We’re working closely with the bank to address some financing-related matters, and once those are resolved, the outstanding balance will be paid. We hope to resolve this in the next 60 days”.

The Ritz-Carlton manages the Northstar property, but director of PR Steven Holt assured us the management contract won’t be affected by the financial situation.

“We had an amazing winter season,” Holt said.

The Ritz-Carlton Highlands, a luxury resort with about 300 employees, reopened May 10, after closing temporarily for cleaning and maintenance during the shoulder season.