Ritz-Carlton hotel at Lake Tahoe goes into default

[marmar]

from the Sacramento Bee:




Ritz-Carlton hotel at Lake Tahoe goes into default

By Dale Kasler
[e-mail]

Published: Tuesday, Apr. 27, 2010 - 12:00 am | Page 1A
Last Modified: Tuesday, Apr. 27, 2010 - 10:33 am


The new Ritz-Carlton luxury hotel at Lake Tahoe has gone into default, the latest sign of trouble for the lake economy and one of its top developers.

The default notice is the first step toward possible foreclosure. It was filed against the Northstar-area hotel March 31, about a month after its developer, East West Resort Development of Avon, Colo., put nearly $1 billion worth of Northstar real estate development into bankruptcy reorganization.

The hotel itself didn't go into bankruptcy, but "it's all interrelated," said Blake Riva, senior partner at East West's Truckee office. "The entire region's impacted."

The manager of the hotel, which charges anywhere from $249 to $4,000 a night, says business has been strong. But East West, which has built hundreds of condominiums and town homes in the area clustered around the Northstar-at-Tahoe ski resort, is suffering from the collapse in the real estate market. Even as the economy starts to recover, consumers are wary about spending money on goodies such as luxury timeshares. ........(more)

The complete piece is at: http://www.sacbee.com/2010/04/27/2707829/ritz-carlton-hotel-at-lake-tahoe.html#ixzz0mM5iliiw

[rfranklin]

1. Boo-hoo-hoo!

My heart breaks. Though I did have the best rotisserie chicken ever at the Ritz Carlton in Naples FL.

[Dreamer Tatum]

4. And that chicken was made by a millionaire, right?

For the life of me, I will never understand why people with money are so hated that their discomfort is worth far more than the livelihoods of people who depend on them.

[Liberal_in_LA]

2. whoa - good place for homeless to live

[dhill926]

3. giving up my apartment now......n/t

[Liberal_in_LA]

5. You'll be living large

[dhill926]

6. ha ha......in my mind maybe.........

[Bitwit1234]

7. These places still need the middle class and

right now the middle class does not have the money to spend for luxury vacations.

[pinniped]

8. The Ritz Carlton at Lake Las Vegas is closing.

..

[XOKCowboy]

9. Yet a new one just opened in Denver

That's the hotel business.