Ritz-Carlton Tahoe Property Changes Hands, But Hotel Remains Open As Usual

Nice, right?
Nice, right? Photo: Courtesy of Ritz-Carlton Resorts

We caught a headline today that surprised us, saying that the Ritz-Carlton at Lake Tahoe was being sold in foreclosure. We needed to look further into the matter, and the status of Traci Des Jardins’s restaurant there, Manzanita, because something about this sounded off. It turns out that the Ritz manages properties but doesn’t own them, and this situation relates to the developer of the physical property, who defaulted on the mortgage over a year ago. It has since gone into receivership with lenders, and the final stage of that just took place. Ritz-Carlton rep Steven Holt assures us that the hotel isn’t going anywhere (they have a 25-year management agreement that supersedes the sale), and “there is no impact on The Ritz-Carlton resort operations or the guest experience.” Business at Manzanita, likewise, goes on as usual. [Grub Street, Related]