Tahoe’s Ritz-Carlton bought by lending group
By Mark Anderson, Sacramento Business Journal
The lending group that held the note on the Ritz-Carlton Lake Tahoe bought the note for $85.5 million in a foreclosure auction Monday morning at the Placer County Courthouse.
Bank of America, primary lender on the development, first filed a notice of default on the property in March 2010. In that notice last year, the bank claimed Highlands Hotel Co. LLC was $18.6 million in default on the hotel and a neighboring parcel. The default involved two loans totaling $157 million.
Ritz-Carlton at Northstar has new owners. Photo/LTN file
The luxury hotel opened Dec. 9, 2009 to what was a good ski season but also the depths of recession.
