Investment Overview

Marcus & Millichap has been chosen to exclusively market for sale the 3 Peaks Resort & Beach Club, a two-story limited service hotel located steps from Lake Tahoe, the largest alpine lake in North America. The hotel consists of 67 exterior corridor rooms with frontage on Park Avenue and Pine Boulevard. Amenities include a large heated outdoor pool and spa, private beach access, guest laundry facilities, business center and 2,000 square feet of meeting space. The hotel’s spacious lobby features a pool table, fireplace, flat-screen television and complimentary coffee. Each room contains a sitting area, closet, work desk, microwave, iron with ironing board and modern bathroom. Suites include a living room, kitchen with dining area, jetted tub and fireplace. The 3 Peaks Resort & Beach Club is located in South Lake Tahoe, California. South Lake Tahoe is the most populous city in El Dorado County in the Sierra Nevada. El Dorado County hosts a wide range of businesses. Top employers in the area include Barton Memorial Hospital, Cyber Quest-Red Hawk Casino, Lake Tahoe Community College and McClone Construction. Small businesses keep South Lake Tahoe’s economy going and provide a unique community for the city. Gambling has become a major industry in South Lake Tahoe since Harvey’s Wagon Wheel Saloon and Gambling Hall opened in 1944 as one of the area’s first gambling establishments. Today, South Lake Tahoe is home to world-class Vegas-styled casinos that attract big-name entertainment. The city’s gaming revenue totaled approximately $78 million in 2022. With 300 days of sunshine and 400 inches of snow a year, South Lake Tahoe is a destination for skiing and other recreational activities. The city is home to Heavenly Mountain Resort, a 4,800-acre ski resort with 97 runs and 30 lifts that are spread between California and Nevada and four base facilities. In 1960 Lake Tahoe was put firmly on the map as the skiing center of the western United States when the 1960 Winter Olympics came to Squaw Valley. The 3 Peaks Resort & Beach Club represents an opportunity to acquire a unique independent hotel in a stable tourist market. The subject property out performs the Lake Tahoe market in occupancy as well as RevPAR. The majority of bookings are acquired through online travel agents combined with excellent guest reviews. Our Pro Forma analysis assumes continued modest growth supported by the increasing population and demand growth in the Sierra Nevada Mountain region.