Ambassador Lake Tahoe PRICED TO SELL: $137K Per Key
Ambassador Lake Tahoe - PRICE REDUCED: $137k Per Key
Marketing description
NAI Tahoe Sierra, as exclusive advisor to the Seller, is pleased to offer the opportunity to purchase a fee simple interest in Ambassador Lake Tahoe ("The Property"), a 58-key vintage hotel situated on 1.03 acres in the heart of South Lake Tahoe.
Originally built it 1966, the property has undergone recent capital improvements while preserving its retro charm. Ownership shut down bookings during the COVID-19 pandemic, utilizing the time off to address long-term deferred maintenance such as replacing the roof, windows, and boilers, and has only recently resumed operations. Amenities include a swimming pool, lobby, ample parking spaces, and original signage overlooking Manzanita Avenue. Most importantly, the Property is conveniently located in the Tourist Core, a short walk to both the beaches of Lake Tahoe as well as Heavenly Village, providing convenient access to world class outdoor recreation and plentiful options for shopping, dining, and nightlife.
The offering represents an opportunity to acquire a unique hotel in the most desirable and supply constrained submarket of South Lake Tahoe. Significant value-add potential remains for more comprehensive interior renovations and operational enhancements.
Investment highlights
Ideal Location: The property is located steps from Heavenly Village, Heavenly Ski Resort, and the shores of Lake Tahoe, providing year-round access to world-class outdoor recreation. Guests are also within walking distance to ample shopping, dining, and nightlife opportunities, including the nearby casinos and newly constructed Tahoe Blue Event Center which hosts yearround concerts, conventions, and sporting events.
Recent Capital Investment: Over the past five years, ownership spent approximately $1.65 million on improvements to preserve the life of the property including a new roof, windows, boilers, exterior paint, furnishings, entry doors with key card access, and bathroom renovations, among others enhancements.
Value-Add Opportunity: The offering presents multiple avenues for growth through more extensive interior renovations as well as operational upside. Current ownership shut down bookings during the COVID-19 pandemic and only recently re-opened while overseeing operations from out of market with minimal on-site staff.
High Barriers to Entry: South Lake Tahoe presents significant barriers to new development including limited land availability and strict zoning regulations.
Opportunity Zone Benefits: The property is located within a federally designated Opportunity Zone, offering tax incentives to future investors.
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