MIAMI—CL Hotels announced it has closed the acquisition of Coachman Hotel, a 104-room boutique property, located in South Lake Tahoe, California.
“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.
“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 that the property recently renovated, as well as the expansion of meeting space, which will add 900 square feet to the actual 800 square feet available, giving the property the 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 grab-and-go options.
“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,” Piacentini said.
The Coachman is a newly renovated boutique hotel located near the Heavenly Mountain ski gondola, with 97 trails and 4,800 skiable acres. During summer, guests can use outdoor activities like hiking, biking, gliding, climbing walls, and rope courses, among others. There is also a lakeside beach near the hotel that has water sports.
Nick Pappas and Greg Morgan with Newmark and Scott Fair with NAI Tahoe Sierra were the brokers for the transaction. Terms of the transaction were not disclosed.