Kennedy Wilson Announces Sale of $5 Million Duplex Penthouse at The Ritz-Carlton Residences, Lake Tahoe

Three Purchases Mark Beginning of Inaugural Winter Ski Season at California’s Most Prestigious Mountain Address

BEVERLY HILLS, Calif.--()--International real estate investment and services company Kennedy Wilson and its partners today announced the sale of a $5 million duplex penthouse at The Ritz-Carlton Residences, Lake Tahoe. Boasting spectacular views and ski-in/ski-out access, the 3,407 square-foot residence features 4 bedrooms, 3.5 baths, a home office and theater. This milestone follows the recent sales of the other duplex penthouse at the resort and an additional 2,339 square-foot four-bedroom home. Perched mid-mountain at Northstar, The Residences are comprised of 23 luxury penthouses that became available for purchase in mid-February 2013. The Residences are poised for immediate occupancy and only fourteen homes remain.

“We are delighted to have reached this sales benchmark as we kick off The Residences’ inaugural winter season,” said Stuart Cramer, president of Kennedy Wilson’s Residential Investment Group. “The strong sales affirm the enthusiasm we are seeing among buyers to acquire luxury vacation homes that provide the iconic services of The Ritz-Carlton and an elevated outdoor lifestyle set amid the stunning beauty of the Lake Tahoe region.”

This sales milestone at The Residences reflects an overall increase in home sales in the Lake Tahoe region. According to data published by local real estate firm Chase International, 2013 shows a 60 percent rise in home sales over 2012 (note: includes single family home & condo sales). Sales at The Residences were launched less than two months after Kennedy Wilson and its partners acquired the hotel and residences from the property’s lenders.

Encompassing the entire top floor and a private wing of the third floor of The Ritz-Carlton, Lake Tahoe, the area’s first Forbes Four Star and AAA Five Diamond 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, feature exceptional views of Northstar Mountain, 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 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 also benefit from priority access to the exclusive facilities, services and amenities of the hotel, including its 17,000-square-foot Ritz-Carlton Spa, fine dining in the resort’s signature lounges and Manzanita restaurant, in-residence dining, Executive Business Service Center and the vibrant Ritz Kids program.

Unlike other residential destinations in the Sierra, The Residences present penthouse owners with the opportunity to enjoy 3,170 skiable acres and the world’s only Burton Snowboard Academy just outside their doors. Other winter activities include cross-country skiing, snowshoeing, tubing and ice skating at Northstar. During the summer recreation season, owners can enjoy more than 2,815 miles of trails, mountain biking, fishing, river rafting, paddleboarding, golf, and outdoor concerts. Penthouse owners will also be granted membership at the Tahoe Mountain Club, offering private mid-mountain dining at Schaffer’s Camp, two championship golf courses, as well as The Pavilion at Old Greenwood’s swim and tennis facilities.

Potential buyers who wish to schedule an appointment may 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.

Contacts

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

View of a duplex penthouse at The Ritz-Carlton Residences, Lake Tahoe, featuring design by Jay Jeffers, that sold for $5 million earlier this month. Photo credit: Vance Fox.

View of a duplex penthouse at The Ritz-Carlton Residences, Lake Tahoe, featuring design by Jay Jeffers, that sold for $5 million earlier this month. Photo credit: Vance Fox.

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Release Summary

Kennedy Wilson and its partners today announced the sale of a $5 million duplex penthouse at The Ritz-Carlton Residences, Lake Tahoe.

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Contacts

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