Embassy Suites in South Tahoe on the auction block
By Kathryn Reed
Embassy Suites South Lake Tahoe may not exist after Oct. 24.
That is the date a trustee sale is scheduled in Placerville.
Lake Tahoe News first reported in July about how the property near the state line is in financial trouble. It is directly across from the would-be convention center.
Embassy Suites South Lake Tahoe has a troubled past and present. Photo/LTN file
Max Saito with Ken Corp., the Japanese company that owns the parcel, did not return multiple phone calls.
Dominic Acolino, general manager of Embassy Suites, did not return multiple phone calls either. Embassy is a subsidiary of Hilton Hotels.
The building, fixtures even the plants are for sale. It is possible that if someone buys the property, that it could continue to operate as is. It is also possible the note could be paid and the auction never takes place. It’s also possible the doors will close.
City Manager Nancy Kerry said the hotel is still paying its transient occupancy tax. This hotel generates the largest percentage of hotel tax on an annual basis of all South Shore properties.
El Dorado County Auditor Joe Harn said Embassy is up-to-date on paying its property taxes.
This is a great property with amazing people working at it.
It has been in trouble almost from the beginning. Once valued at about 80 million by the assesor it is now probably under 40 million. The Teamsters union, took a huge bath in financing the original loan. Too bad as the hotel is a magnificent structure. It is fun just to walk into its huge atrium.
There have been major hotel companies interested in breaking into the Lake Tahoe area for a long time. Without their being able to break ground on new this may be the perfect place for a reputable company. I just hope those great employees are able to have a place to stay with the new company (if that is what happens).
Hope for the best, we don’t need another vacant building!
everybody involved with Redevelopment has gone Bankrupt
that’s why our little Town is in such bad shape
Neat atrium, horrific cookie cutter exterior with that pathetic witches hat thing. The building lacks quality and depth.
Since it is a performer I bet they pay the note- we don’t need more job losses in town.
I think it is a beautiful building with shape and character. It’s the old boxy rectangular buildings that need updating.
We have enjoyed dining at Echo and in the past dancing at Turtles. Too bad the Hole is dragging us all down. Hang in there Embassy Suites!
I hope somebody saves Embassy Suites. Vail may be a good buyer given their deep pockets. This town doesn’t need another vacant business.
Part of my class reunion from STHS was held there along time ago. Boy, was that a party! Hang in there Embassy Suites, Old long Skiis
I’m sure Vail will grab it up!
Our city council and TTD need to take a long hard look at what is happening here. This building was touted as the wave of the future. Valet parking only main access off of the loop road, staggered building set backs to allow sunlight and tables outside.
This sounds a lot like what they want for the casino core.
Did the owners refi and take the money or is this concept of little or no parking and poor vehicle access a failed concept?
Do they need better bicycle access? Last week the property was being touted as a green success.
PS
I agree the management and employees are the best in town.