Coachman Hotel in South Lake Tahoe acquired by CL Hotels
SOUTH LAKE TAHOE, Calif. — A South Lake Tahoe hotel that was recently renovated and called one of the “Most Instagrammable New Hotels Around the World” has been sold.
The Coachman Hotel, once known as the Green Lantern and remodeled in 2016, was recently purchased by CL Hotels, a sponsor of hospitality investments, according to a news release from Aimbridge Hospitality who will be the operator.
The state of the art Coachman features 104 rooms and is located in the middle of an otherwise nondescript block of motels, within walking distance to the casino corridor, Heavenly Village and Lake Tahoe, the Tribune previously reported when the property was preparing for reopening after renovation.
“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,” said Joao Woiler, CL Hotels managing partner, in the news release.
“The purchase comes along with a multi-million investment plan that is focused on expanding room offer, meeting space and food and 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 square feet to the actual 800 square feet available — boosting property capacity to host larger groups for companies off-sites and retreats.
CL Hotels also plans to open a food and beverage 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.
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.
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