CL Hotels Acquires Coachman Hotel in South Lake Tahoe
Aimbridge Hospitality’s Evolution Lifestyle Division Selected as Operator
CL Hotels, a sponsor of hospitality investments, recently announced that it has closed the acquisition of Coachman Hotel, a 104-room boutique property, located in South Lake Tahoe - California, a year-round ski and lake-side beach destination that attracts more than 15 million tourists every year.
“The acquisition of Coachman in such a challenging financial market demonstrates the strength of CL Hotels and our permanent commitment to curate properties that will bring excellent results to our investors,” explains Joao Woiler, CL Hotels managing partner. “The purchase comes along with a multi-million investment plan that is focused on expanding room offer, meeting space and Food & Beverage options,” said Bruno Piacentini, CL Hotels managing partner.
The first investments that CL Hotels plans to do in the Coachman include the remodeling of 22 rooms to be added to the 82 recently renovated and the expansion of the meeting space, adding 900 sf to the actual 800 sf available – boosting property capacity to host larger groups for companies off-sites and retreats. Besides, CL Hotels also plans to open an F&B outlet that will offer a variety of contemporary options, and grab-and-go.
“The Coachman will continue to be an independent hotel and for the management we have retained our long-term partner Evolution Hospitality, the lifestyle and boutique arm of Aimbridge Hospitality, a leading, global hotel management company," said Woiler. “We believe we can deliver exceptional returns by finding unique assets in desired destinations that can benefit from institutional management and planning,” explains Piacentini.
The Coachman is a charming boutique hotel, newly renovated, located only a 5-minutes’ walk from the Heavenly Mountain ski gondola, where winter visitors can access 97 trails and 4,800 skiable acres. During summer, guests can enjoy a wide variety of outdoor activities like hiking, biking, gliding, climbing walls, rope courses, among others. There is also a private lakeside beach that is a short walk from the hotel, where guests can relax or enjoy water sports. Coachman has a cozy atmosphere with a nice outdoor area, where visitors can relax and have drinks & smores by the fire pit.
Nick Pappas and Greg Morgan with Newmark and Scott Fair with NAI Tahoe Sierra were the brokers for the transaction. Terms of transaction were not disclosed.
About CL Hotels
CL Hotels is a sponsor of hospitality investments, focused primarily on cash flow generating projects in the continental U.S. Through its vast network of brokers, operators, partners, and industry peers, CL Hotels selects top properties which can benefit from the strategy, capital and asset management skills of its team. CL Hotels and its principals have acquired, renovated, managed and disposed of a portfolio of hotels with + 3,200 rooms and asset value of + US$ 640 million.