Ritz-Carlton Puts Penthouses On Market - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Ritz-Carlton Puts Penthouses On Market

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A Lake Tahoe resort debuted its latest addition Sunday.

The Ritz-Carlton has hundreds of hotel rooms available, and now some folks are even taking ownership at the resort.

For $1.25 million, people can now call the hotel home by purchasing a penthouse.

"We don't think that there's another property like this in northern California in the mountains," says Stuart Cramer with the resort.

The Ritz-Carlton has sold five penthouses so far. Eighteen are still available, and the resort says, there's plenty of interested buyers.

"Skews a little bit to a younger audience," says Jay Jeffers, the interior designer for the model penthouses. "Young families with kids that want to come in, go skiing, get out there for the day. When they're ready to go home, they close the door, they lock it up. They're out, they're done."

Five years ago the penthouses pre-sold at $2,000 per square foot. But after the market took a dive, they cut the price in half. And now, things are picking back up.

"Northern California has more existing wealth and more wealth currently being created, than any other area in history," says Cramer.

Much of that confidence is based off how well the hotel is doing overall. Total revenue was up more than 30 percent in January of this year compared to last.

"We think part of that is due to the economy, and part of that is due to new ownership, and part of that is due to good snowfall this year," says Cramer.

Potential buyers touring these penthouses told us more folks are willing to jump back into the market, and start spending again.

"This is something that everybody's had their eyes on for quite some time," says Jason Jackson. "And I think everybody's really excited to see this come to life, and really snowball after the downturn."

The resort says so far, they've received great responses from potential buyers.

"I think people have been surprised," says Jeffers. "I think people feel like it's a bit of a different Ritz-Carlton."

Written by Adam Rasmussen

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