Welk Resorts Acquires Northstar Lodge, Tahoe From Ltmr Properties, LLC
Welk Resorts Press Results - 03/06/2013
Welk Resorts, a well-established leader in the vacation ownership industry, announced the purchase of the Northstar Lodge, A Hyatt Residence Club in Truckee, California, minutes from Lake Tahoe, from LTMR Properties, LLC. The transaction includes the 23 remaining unsold whole ownership and fractional residential units, in addition to two entitled development parcels for future phases of the project.
HFF marketed the asset on behalf of the seller, LTMR Properties, LLC. Welk Resort Group purchased the offering for an undisclosed amount free and clear of existing debt and was represented by Ragatz Resort Realty.
The Northstar Lodge, A Hyatt Residence Club, is a ski-in/ski-out private club with its own unique, pulse-driven gondola situated at the base of the project on Northstar Mountain in Truckee, California. Completed in 2008, the first phase of this LEED Silver Certified luxury property features a total of 34 two- and three-bedroom residences totaling 51,602 square feet. Northstar Lodge features exclusive exteriors with native materials for a naturally weathered appearance, while luxuriously warm appointments set the mood within creating a high-alpine sensibility. All residences feature a private deck with outdoor fireplaces, and warm colors within; featuring hickory floors, alder cabinets, wolf-ranges, sub-zero refrigerators and ranch house design interiors. Other amenities include a private owners
In an operating partnership with Resort Equities, a luxury resort real estate company with a specialization in shared ownership, Resort Equities Realty will oversee sales of some residences within the existing phase of the project. Resort Equities Realty is especially well-suited to oversee the re-launch of the remaining sales offerings within the existing phase due to their extensive experience and presence within Northstar Village.
Northstar California is one of the premiere ski resorts in North America, offering an unrivaled ski-in/ski-out experience, with 3,170 skiable acres, 97 trails, 7 terrain parks, 20 lifts and 2,280 feet of vertical drop and a newly constructed 22’ half pipe designed by Winter Olympics gold medalist, Shaun White. During the summer, the mountain serves up over 100 miles of trails in what is the most extensive lift served mountain bike terrain in the Western U.S.
With its charming cobblestone walkways and relaxed European vibe, this quaint mountain locale reveals an inviting mix of specialty boutiques, restaurants, cafés and craft shops all circling an open-air ice rink, complete with cabana’s, outdoor bars, cozy fire-pits and both winter and summer activities including a year-round ice/roller skating rink, live music, a bungee trampoline and family activities.
“We are excited to add this one-of-a-kind ski-in/ski-out resort property to our vacation club as we develop additional phases at the Northstar Lodge. This will be our first Western U.S. alpine resort with strong year-round demand due to the quality of the Northstar Mountain and the proximity of Lake Tahoe. Our 44,000 vacation owners will be excited to know this will be part of our points-based club system once we receive the requisite approvals”, says Jon Fredricks, President of Welk Resorts.
The Northstar Lodge will join the resort portfolio that includes Welk Resorts San Diego, Welk Resorts Branson, Welk Resorts Desert Oasis, Welk Resorts Sirena Del Mar, Cabo San Lucas, as well as land held for future resort development in Breckenridge, Colorado and the newly acquired Poipu, Kauai property.
ABOUT RAGATZ RESORT REALTY (www.ragatzresortrealty.com)
ABOUT RESORT EQUITIES (www.resortequities.com)
For information about Resort Equities, go to www.resortequities.com or call (866) 655-9060.
ABOUT WELK RESORTS (www.welkresort.com)
Fredricks has established the Welk Resort group of properties as top vacation destinations. With more than 20 years of experience in hospitality, real estate and finance, he has helped the company realize unprecedented growth by fostering profitable expansion projects and internal corporate growth. The company has developed and/or operated more than 1,100 luxury vacation units, villas and hotel rooms in San Diego; Maui, Hawaii; the Palm Desert area; Branson, Missouri; and Cabo San Lucas. The corporate offices are located in San Marcos, California.
The mission of the company, “Our family creates vacation memories to cherish for a lifetime” is reflective of the strong company values, which promote both tradition and family. This mission and commitment to guest and owner service and resort quality has led Welk Resorts to be among the highest rated resorts internationally by owners and guests. Trip Advisor ranked Welk Resorts Sirena Del Mar a Top 25 Resort in Mexico in 2012.
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