Terms of the sale were not disclosed, however the property will now operate debt free. Previous ownership had filed for Chapter 11 bankruptcy in May of 1998 in an attempt to reorganize financing to meet a balloon payment.
 

Established in 1972, Ken Corporation is based in Tokyo with an affiliate office in Los Angeles, Calif., and is a pioneer of Japanese Real Estate Investment Trusts. Embassy Suites Lake Tahoe Resort is the first US-based property owned by Ken Corporation. The property has generated consistent and solid growth each year since opening in December of 1991.

Ken Tanaka President KEN Corporation

�This is a great day for us as a property, for South Lake Tahoe redevelopment and for the entire South Shore,� said Simeon Miranda, General Manager of Embassy Suites Lake Tahoe Resort. �Ken Corporation�s financial stability and their commitment to invest in significant capital improvements will further enhance one of the area�s finest properties.�

Embassy Suites Lake Tahoe Resort currently serves domestic and international travelers, as well as a significant group, meeting and convention market. Under the ownership of Ken Corporation, the property will pursue additional marketing opportunities in the Pacific Rim business and leisure travel markets.

Since opening in 1991 as the cornerstone of the Park Avenue Redevelopment Project, the 400-suite Embassy Suites Lake Tahoe Resort has earned a reputation as one of south shore�s premier resorts, annually receiving the AAA Four-Diamond Award, signifying its stature among the top five percent of over 30,000 properties statewide. The property is currently the closest resort to the new $20 million gondola at Heavenly, within easy walking distance of the centerpiece of the Park Avenue Redevelopment Project.