Thursday, July 20, 2006


Ground Breaks On $300M Ritz Timeshare Resort In Lake Tahoe

A groundbreaking today kicked off development of the Ritz-Carlton Highlands, an timeshare and residential destination at Lake Tahoe, Calif.'s Northstar-at-Tahoe ski resort. East West Partners of Lake Tahoe is teaming with Crescent Real Estate Equities Co. on the $300 million project, which will mark The Ritz-Carlton Hotel Co.'s entree into the Northern California ski resort market.

Located on an on-mountain site, Ritz-Carlton Highlands (pictured) is a multifaceted ski-in/ski-out project that will bring the first five-star hotel to the town. The lodging segment will feature 174 guestrooms, as well as 11,000 square feet of meeting space and a 14,000-square-foot spa. The full-ownership residential portion of the development, the Ritz-Carlton Residences, will offer 82 condominiums, while The Ritz-Carlton Club, the deeded fractional ownership or timeshare segment, will consist of 78 units. A bevy of other developments will surround the property, including East West's and Crescent's new Highlands condominium and townhome community and the mixed-use Village at Northstar, to which Ritz-Carlton Highlands will be linked via gondola.

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