SOUTH LAKE TAHOE, Calif. – The Beach Retreat and Lodge on 3411 Lake Tahoe Boulevard has been sold to BLDG Management, a New York company. All employees will be laid off as part of the sale and the building will be demolished and rebuilt.

Last week, 110 employees received notice that they would lose their jobs by October 29 as part of the transaction. Whether or not they’ll be rehired is still unclear.

Linchris Hotel Corp. bought the waterfront property in 2019 for $27.9 million, though the current price has not been disclosed and the deal is not finalized. However, the company BLDG Management and Metrovest Equities are in contract for purchase.

BLDG Management is owned by Lloyd Goldman and is part of a major real estate family. It owns properties around the country, though its reputation is less than stellar in its home state and in December, they defaulted on their $217 million loan for Gurney’s Montauk Resort and Seawater Spa. Part of that loan included efforts to winterize rooms and the spa to make it more attractive to guests visiting the summer location in the off-season.

A spokesperson for the buyers told the San Francisco Chronicle, “This stunning beach and marina resort on the shores of South Lake Tahoe offers direct lake access, breathtaking views, and a blend of natural beauty and recreational amenities. We look forward to enhancing the resort’s offerings while preserving the charm and character that make it a beloved retreat on the lake.”

Councilmember David Jinkens discussed the purchase briefly during the most recent city council meeting.

“I’d like to see a conversation… sooner than later about the performance bond for teardown and reconstruction of major private sector developments as a condition of demolition,” said Jinkens, who referenced the infamous Hole in the Ground and blighted properties in South Shore.

“If we’re not careful, we’re going to see another demolished major structure at Beach Retreat. They want to tear it down, they’ve already given layoff notices,” said Jinkens. “We don’t want to see another vacant properties for years and years, and a loss of property tax revenue. I’m sure they’re fine people, but I’d like to have a conversation.”

Mayor Tamara Wallace seconded the desire for said conversation and it is set for a future city council agenda item.

Eli Ramos is a reporter for Tahoe Daily Tribune. They are part of the 2024–26 cohort of California Local News Fellows through UC Berkeley.