TRUCKEE, CA—Welk Resort Group has purchased Northstar Lodge, a Hyatt Residence Club here, for an undisclosed amount from LTMR Properties LLC.
The Hyatt Residence Club, close to Lake Tahoe, 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. The transaction includes the 23 remaining unsold whole ownership and fractional residential units, in addition to two entitledparcels for future phases of the project.
Completed in 2008, the property features a total of 34 two- and three-bedroom residences totaling 51,602 sq. ft. 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 houseinteriors. Other amenities include a private owners lounge, media theater, ski and boot valet (winter) and bike valet (summer).
The adjacent development parcels are entitled for an additional 67 units totaling 102,619 sq. ft. 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.
“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,” says Jon Fredricks, president of Welk Resorts. “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.”
The HFF investment sales team representing the seller was led by Managing Directors Holden Lim and Scott Hall. “The Northstar Lodge is one of the finest ski resort residence clubs in the country and presents the new owners with a myriad of value-add execution alternatives,” says Hall in a separate steatement.
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, Colo. and the newly acquired Poipu, Kauai property.