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Business Journal: High-Profile Tahoe Resort Struggling

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(Lake Tahoe, CA)
Friday, April 23, 2010
The region’s highest-priced resort has some major money problems.  Bank of America has filed a notice of default against the Ritz-Carlton Highlands Lake Tahoe, claiming the owners owe almost $19 million, the latest high-profile project to hit tough times.  The high-end hotel — where rooms can fetch several hundred dollars a night — opened four months ago, and closed Monday.  However, the owners of the hotel say it will re-open May 10, and the closure is basically because of the so-called shoulder season, a period between the busy winter ski season and the summer months.
The hotel, which is at the base of the ski slopes at Northstar-at-Tahoe is doing well, according to the owners who have two loans totaling $157 million for the property.  Industry officials say the hotel would need to collect about $700 a night per room in order to keep up with the debt payments.
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