Scheduled to open fall of 2009, the Ritz Carlton is predicted to bring a new international clientele to the Truckee/Lake Tahoe resort area. It is foreseen that with the influx of new people being introduced to the project, our local businesses will see increased activity.
The Ritz will have 405,000 square feet of hotel space, 84 private residences, 170 hotel rooms and 78 fractional ownership units. At first glance one might assume that this project would impact the view corridors of the mountain, but the developers have taken great pains to have the project fit into the mountain environment.
Today, with the current credit crisis, the questions pops up, “How were they ever able to finance the project”? It turns out that the financing was obtained before the sub prime problem surfaced.
The Ritz has estimated that this project, when completed, should provide 300 new jobs to the local community. The other advantage is that it should act as a catalyst for other lodging projects in the area. There are other business such as in the Northstar Village that are looking forward to added business comi, ng through their doors as the project gets underway.